Francisco Motors LLC · Jeepney.io · Est. 1947
Electrifying the King of the Road.
Francisco Motors is building the vehicle, the AI, and the nationwide platform for a market almost no comparable company is attacking: 118,000,000 Filipinos whose daily transport is the 80-year-old jeepney. JEEPNEY™ and ELEKTRON® electrify that icon under the Philippines' Electric Vehicle Incentive Strategy; Jeepney.io and our proprietary DOMENG® AI turn every vehicle into a connected, revenue-generating node from day one. We are inviting a small group of global institutional partners to anchor the next phase of growth capital.
Figures, incentive eligibility, program allocations, and return targets referenced on this page are management estimates and projections, subject to final confirmation by the relevant government agencies, definitive investment documentation, and separate written terms. This page is for informational purposes only and does not constitute an offer of securities.
The Opportunity
A vehicle company built around a digital platform.
Most EV manufacturers sell a vehicle. Francisco Motors is building the vehicle, the AI that rides inside it, and the nationwide digital ecosystem that surrounds it.
JEEPNEY™ — the classic, reborn electric
Fully electric successor to the 1947 original: 22 seated + 8 standing, AWD 4x4, up to 90 km/h, 100–250 km range on a Lithium Iron Phosphate battery, DC fast charging in about an hour, 3-year drivetrain and 5-year battery warranty.
National EV policy alignment
Francisco Motors is pursuing one of a limited number of qualifying slots under the Philippines' Electric Vehicle Incentive Strategy (EVIS, Executive Order 121). If awarded, the slot carries a per-unit incentive of up to ₱200,000 (approximately US$3,240) on a production volume of 10,000 units, plus Tax Payment Certificates of up to ₱15 billion (approximately US$243 million) — subject to final government allocation and confirmation.
ELEKTRON® Orbit
1,947 limited digital reservations for early ELEKTRON® buyers, run through FranciscoMotors.com and Jeepney.io — a committed pre-launch order book ahead of full-scale production.
Design & Engineering Partnership
Pininfarina joins Francisco Motors to design three all-electric vehicle programs.
Francisco Motors has approved Pininfarina — the 96-year Italian design house behind some of the automotive industry's most recognized coachwork — as a Supplier Accreditation partner, with terms agreed between the parties in a September 2026 meeting. A mutual Non-Circumvention/Non-Disclosure Agreement is in place permitting public acknowledgment of the collaboration itself, while design concepts, sketches, and other IP remain confidential.
Francisco Jeepney — heritage redesign
An all-electric reimagining of the iconic jeepney silhouette, keeping the cultural identity of the Filipino jeepney at the center of the design.
All-electric Hypercar
A flagship electric hypercar program crafted for the world's most discriminating, upscale global clientele — a global halo vehicle, not a Philippine-market car.
All-electric Luxury Sedan
A luxury sedan program positioned for the world's most discriminating, upscale global luxury market.
Planned mass production — Santa Clarita, California
All three programs are planned for mass production at Francisco Motors' R&D and Advanced Manufacturing Center in Santa Clarita, California — the same facility described in the Government & Institutional Validation section below.
Terms for these three programs have been agreed between Francisco Motors and Pininfarina; the Design Services Agreement formalizing those terms is in final documentation, with compensation structured as a joint venture or profit-share arrangement rather than an upfront design fee. Design concepts, specifications, timelines, and vehicle imagery under this partnership are confidential and not disclosed on this page.
Leadership
Second- and third-generation stakes in an 80-year-old company.
Francisco Motors is not a startup borrowing automotive heritage for a pitch deck — it is the heritage, still owned and run by the family that built it.
Chairman Elmer Francisco
A physicist by training — BS Physics, De La Salle University — with 30 years focused on nuclear fusion, quantum physics, and hydrogen fuel cell technology, alongside Wharton School executive education in FinTech, AI, and business scaling, the same framework behind this page's institutional return methodology. Recognized by the Philippine Climate Change Commission with the 2025 Climate Heroes Award for leadership in decarbonizing public transport.
Vice-Chairperson Michelle Cabrera Francisco
BS Entrepreneurship, Assumption College, and a serial entrepreneur ever since in the fashion and beauty space — building and operating ventures across the Francisco family's wider business portfolio alongside her ownership stake in Francisco Motors.
President & CEO Dominic C. Francisco
Valedictorian and Summa Cum Laude graduate in Entrepreneurship, with a Sustainability specialization, from Enderun Colleges. Runs day-to-day operations across the Philippines and California entities.
Family-held, one ownership table
Francisco Motors LLC is held directly by the Francisco family — Chairman Elmer Francisco (2nd generation), Vice-Chairperson Michelle Cabrera Francisco, and Dominic Cabrera Francisco (3rd generation) — no outside cap table dilution before this anchor round.
Government & Institutional Validation
Independently endorsed, not self-declared.
Francisco Motors' EV program carries direct, on-record backing from Philippine and U.S. government bodies.
“On behalf of the California Governor's Office of Business and Economic Development (GO-Biz), thank you for the opportunity to provide our support for company's expansion plans in California… We very much welcome the opportunity to support this project.”
Dustin McDonald · GO-Biz Business Development Manager, Los Angeles & Orange Counties, 12 Mar 2026
“On behalf of the Santa Clarita Valley Economic Development Corporation, I am pleased to welcome Francisco Motors to the Santa Clarita Valley… We look forward to working alongside your leadership team and supporting your success in the Santa Clarita Valley.”
Ondré H. Seltzer · President & CEO, Santa Clarita Valley Economic Development Corporation
“Investments with unwavering commitment to technological advancement and sustainable mobility, particularly in the fields of electric and hydrogen-powered vehicles, fully align with the BOI's mandate to accelerate inclusive industrialization and economic transformation… the BOI assures its full cooperation and support to ensure the success of projects which will generate high-quality jobs.”
Dr. Ceferino S. Rodolfo · DTI Undersecretary & BOI Managing Head, 6 Oct 2025
“The PEZA fully supports Elmer Francisco Motor Corporation's manufacturing project as a viable and high-impact investment opportunity.” Approved via PEZA Board Resolution No. 24-344 as a New Domestic Market Enterprise at the Global Industrial/Maritime Complex, Jose Panganiban, Camarines Norte — a 10-year Income Tax Holiday, followed by 30 years of Enhanced Deductions at a 20% corporate tax rate, plus 40 years of duty exemption on capital equipment and raw materials and 40 years of VAT exemption.
Tereso O. Panga · PEZA Director General, 14 Oct 2025
“I have included eFMC products in my trade promotion campaign in line with our economic diplomacy efforts in Nigeria and 12 other countries in my jurisdiction… eFMC is currently engaged in an expansion program to meet demand for its products in this sub-region of almost 400 million people.” The Ambassador separately references the company's ₱52.5 billion PEZA-approved project in Camarines Norte.
Ambassador Mersole J. Mellejor · Philippine Embassy in Abuja, 21 Jan 2025
“It is with great honor and confidence that the Provincial Government of Camarines Norte… formally expresses its unwavering support for Elmer Francisco Motor Corporation (eFMC)… The Provincial Government stands firmly behind eFMC as a trusted and capable partner in this groundbreaking initiative.”
Ricarte R. Padilla · Governor, Provincial Government of Camarines Norte, 22 Jan 2025
“The Municipal Government of Jose Panganiban, Camarines Norte… proudly expresses its full and unwavering support for the historic Php 52.5 Billion investment by Elmer Francisco Motor Corporation… Mabuhay ang Jose Panganiban! Mabuhay ang Elmer Francisco Motor Corporation!”
Hon. Ariel M. Non · Municipal Mayor, Jose Panganiban, Camarines Norte, 23 Jan 2025
“This is to formally state that Elmer Francisco Motor Corporation (eFMC) is a valued and longstanding client of Sterling Bank… Sterling Bank affirms our support and confidence in Elmer Francisco Motor Corporation's capacity to successfully execute this project.”
Josfel Manabat · Branch Head & Assistant Vice President, Sterling Bank of Asia, 21 Jan 2025
The Philippine Climate Change Commission recognized Chairman Elmer Francisco with the 2025 Climate Heroes Award for leadership in decarbonizing public transport through scalable electric mobility. President & CEO Dominic Francisco accepted the award on the Chairman's behalf from Climate Change Commissioner Albert dela Cruz.
Climate Heroes Award · Philippine Climate Change Commission, 2025
Chairman Elmer Francisco with DTI Secretary Cristina Aldeguer Roque at the DTI-CITEM Sustainability Solutions Exchange (SSX) — the first year Francisco Motors exhibited as an official participant. Beyond exhibiting, Francisco Motors provided two PINOY Transporter electric shuttle units to transport CITEM's Very Important Buyers across both the International Food Expo (IFEX) and SSX.
Sustainability Solutions Exchange, DTI-CITEM
The First Lady, joined by CITEM Director Leah Pulido Ocampo, visits the Francisco Motors booth — showcasing the hydrogen fuel cell tricycle and KIDLAT+ electric van — with Bea Legata (Global Head), Jerome Marcial (Country Head, Philippines), and Engr. Jet Cahilig (Cluster Head, Luzon) representing the company, marking the second consecutive year Francisco Motors served as the event's official mobility partner.
Official Mobility Partner, 2nd consecutive year
Rodolfo Medina, Cluster Head of Visayas & Mindanao, and Ryan Virtudazo, Regional Head of Central Visayas, represented Francisco Motors at the Climate Change Commission's Climate Action Sustainability Workshop, implementing National Adaptation Plan strategies in local communities.
Climate Change Commission · Cebu, 23–25 Mar 2026
DTI Secretary Cristina Aldeguer Roque with Shanghai Launch Chairman Wang Xun in Shanghai — Shanghai Launch is Francisco Motors' manufacturing partner for ELEKTRON® specifically, not the wider vehicle lineup.
Shanghai Launch · ELEKTRON® manufacturing partner, ShanghaiNational broadcast press coverage
Chairman Elmer Francisco sat down with veteran broadcast journalist Ces Drilon for an in-depth interview on One News' “The Big Story” (TV5, August 2026) — independent national media scrutiny of the program, not a sponsored placement.
California GO-Biz support
California's Governor's Office of Business and Economic Development (GO-Biz) has expressed formal support for Francisco Motors' California expansion, connecting the company to the state's manufacturing incentive programs — sales & use tax exclusions, the California Competes tax credit, workforce training grants, and property tax abatement — with a combined value management estimates at approximately US$28–45 million for the planned facility.
Bureau Veritas proposal received
Bureau Veritas Philippines has proposed developing Francisco Motors' Sustainability/Green Finance Framework aligned with ICMA Green Bond Principles and IFC Performance Standards — the diligence layer institutional investors typically require before deployment. This is a received proposal, not yet a formal engagement.
California facility
Santa Clarita Commerce Center — complete and ready for occupancy.
The proposed site for Francisco Motors' R&D and Advanced Manufacturing Center: a 4-building, 22.3-acre industrial campus in Santa Clarita, California, with all buildings already complete. Building 1 alone is 257,507 SF (divisible to 128,753 SF), with 36′ clear height, dock-high loading, and ample power — no ground-up construction timeline standing between an anchor commitment and occupancy.
Photos: CBRE / Covington Development Partners, Santa Clarita Commerce Center marketing materials, used with attribution.
Watch
The full interview: Elmer Francisco on One News' “The Big Story.”
An unedited, in-depth conversation with veteran broadcast journalist Ces Drilon — independent national television coverage, not a company production.
Watch
Discussed on the floor of the Philippine Congress.
House Committee on Appropriations, FY2027 budget hearing for the Department of Trade and Industry (DTI), 24 Aug 2026 — lawmakers and DTI officials discuss Francisco Motors directly, including DTI's on-record confirmation that the company has applied for the Electric Vehicle Incentive Strategy (EVIS) program. Unedited footage, official House of Representatives broadcast.
Francisco Motors' existing U.S. (Santa Clarita, California) and China facilities serve other regional markets — Latin America and Africa respectively; EVIS and the PEZA-approved Camarines Norte site (Board Resolution No. 24-344, above) are the company's path to Philippine local manufacturing.
Sustainability & Climate
Replacing diesel jeepneys at the source.
Public transport electrification is one of the most direct levers against urban air pollution and transport-sector emissions in the Philippines.
Management's long-range target: eliminate 100% of carbon emissions from public transport across Francisco Motors' operating nations by 2047.
Zero-tailpipe public transport
The jeepney is the backbone of Philippine public transport. Electrifying the fleet removes tailpipe emissions at the vehicle class with the highest daily ridership exposure.
The scale of the problem
Management estimates roughly 1.85 million outdated, fossil-fuel-powered public transport vehicles remain in operation across the Philippines and Francisco Motors' West and Central African footprint, together emitting an estimated 400 million kg of CO2 daily — the addressable emissions baseline this program is built against.
Aligned with the Green Finance Institute's clusters
Francisco Motors maps directly to the GFI's five priority clusters for mobilizing climate finance into the Philippines: Clean Mobility Transition (zero-emission EV and hydrogen fleets), Industrial Decarbonization (hydrogen-powered factories and microgrids), Circular Economy (a regenerative hydrogen loop producing only water vapor), Data Transparency (verified lifecycle-assessment and TCFD/SASB-aligned reporting), and Social Inclusion (MSME fleet financing and training).
Independent research validation
The William Davidson Institute at the University of Michigan, together with the Asian Development Bank and Clean Air Asia, is studying Francisco Motors' EV charging-ecosystem deployment in the Philippines — generating real-world operational data (range, charging, downtime, ridership, total cost of ownership) that feeds directly into national EV-readiness policy research.
Built for sovereign ESG mandates
Francisco Motors has received a proposal from Bureau Veritas — not yet a formal engagement — to develop a Green Finance Framework targeting eligibility for Green Bond issuance under EU Taxonomy and ICMA Green Bond Principles, the instruments and standards institutional ESG allocations are built around.
Shariah-compliant & Sukuk-ready
The same proposed framework would be structured for Green Sukuk eligibility alongside conventional Green Bonds — asset-backed by the fleet itself, in a format built for Islamic finance institutions and Gulf sovereign allocators from day one, not retrofitted later, pending formal engagement of a certifier.
Management estimates, addressable emissions baseline across the Philippines and Francisco Motors' West and Central African footprint. Bar widths are illustrative, not linearly scaled to value.
A Natural Strategic Fit
Qatar and the Philippines are already connected.
This relationship is not theoretical — it is already measured in hundreds of thousands of livelihoods and a domestic electrification program Qatar has already run at home.
Qatari investment is directed into Francisco Motors California, Inc., the group's U.S. operating subsidiary.
264,000+ Filipino workers in Qatar
Filipino nationals form one of Qatar's largest expatriate workforces, remitting an estimated US$900 million home annually — into the same country, and the same daily-commuter economy, this platform serves.
Qatar's own electrification mandate
Qatar National Vision 2030 targets a 100% electric public bus fleet; the country is already at roughly 70%, anchored by the Lusail e-bus depot — the world's largest solar-powered charging facility of its kind.
One playbook, two markets
Francisco Motors offers Qatar the opportunity to extend a proven domestic electrification thesis into the Philippines' 118,000,000+ population public-transport market — the same country supplying a significant share of Qatar's own workforce.
Global design credibility
Francisco Motors has also approved a design and engineering partnership with Pininfarina, the 96-year Italian design house, covering an all-electric Hypercar and Luxury Sedan built for the world's most discriminating global clientele, alongside a heritage redesign of the Francisco Jeepney itself. See Design & Engineering Partnership above for details.
Sources: Filipino workforce and remittance figures per Staffhouse (2025) and Philippine OFW deployment reporting (2026); Qatar electric bus fleet and Lusail depot figures per the Qatar Ministry of Transport and the UITP MENA Transport Report 2025.
Artificial Intelligence
DOMENG® — the AI riding in every vehicle.
DOMENG® is Francisco Motors' proprietary AI, built in-house and preloaded into every vehicle, and the same AI that powers the Jeepney.io platform.
Onboard co-pilot
Diagnoses vehicle issues, guides the driver through fixes, and can order an FMC-accredited technician or parts directly to the vehicle's location when needed.
Routing intelligence
Routes individual, fleet, government, financing, insurance, hub, and partner inquiries into the FMC command flow, and tracks charge level and charging-station routing in real time.
Local-language AI
Converses in the local dialect of the user and powers merchant, driver, and customer support across the wider Jeepney.io ecosystem — not just inside the vehicle.
Digital Platform
Jeepney.io — the ecosystem the vehicle plugs into.
Jeepney.io is the nationwide digital mobility and commerce platform that Francisco Motors vehicles connect to from day one.
Transport & fleet operations
Driver and operator wallets, fares, route assignments, and fleet settlement tools built for the Philippine jeepney and transport-operator market.
Workforce upskilling at scale
The TsuperHero® program, run with JPMorgan, TESDA, and Bayan Innovation Group, is upskilling 300,000+ drivers into certified EV fleet operators — the labor pipeline behind national EV adoption.
Wallet, commerce & logistics
An integrated wallet plus merchant commerce, delivery and logistics, travel marketplace, agriculture, real estate, and BAKBAKAN® — a fully digital, AI-powered version of the Filipino-invented Game of the Generals — all on the same platform and user base.
Conversion Kits & Circular Economy
Retrofit over replacement — a second revenue stream, not a write-off.
The Philippines has 191,730 registered traditional diesel jeepneys still on the road today, and fewer than 6,000 have been modernized under the government's PUV Modernization Program to date. That base grows every year, not shrinks: government mandate requires jeepneys over 15 years old to be replaced with more environmentally friendly units, and more units age into that 15-year threshold annually. That installed base is a second addressable market Francisco Motors already has a proven answer for.
Conversion kits — already built and sold
Francisco Motors has engineered and manufactured EV conversion kits not only for the traditional diesel jeepney, but for other widely-used Philippine commercial vehicles: the Toyota Vios, Mitsubishi L300, Suzuki Multicab, and owner-type jeepney (OTJ). A working prototype has already been delivered and sold to Senator Mark Villar.
Retrofit over replacement — official position, real pilot
Francisco Motors' public sustainability position, presented on national television in a sit-down interview with veteran broadcast journalist Ces Drilon on One News' “The Big Story” (TV5, August 2026), is to electrify and modernize existing units rather than scrap them — preserving embodied carbon, operator capital, and driver livelihoods in one move. The program is scoped to launch with an initial batch of 1,000 conversion kits, scaling to approximately 5,000, then 20,000 vehicles as accredited conversion centers come online territory by territory.
Solving the upcycling problem
As new-built JEEPNEY™ and ELEKTRON® units replace the oldest vehicles domestically, the retiring diesel units — and the units already converted to electric — do not have to be scrapped. Retrofit turns a disposal cost into a second sale.
Export flywheel to Africa & developing markets
Converted and retired units can be exported into the West and Central African markets already in Francisco Motors' trade-promotion pipeline (Philippine Embassy Abuja) and the company's stated GCC expansion — extending vehicle life in markets that need affordable transport instead of adding to landfill or scrap volume.
Cultural Heritage, Diplomacy & Carbon Impact
More than a retrofit — a diplomatic and climate story.
The conversion program carries weight beyond its unit economics: it preserves a national cultural icon, completes a decades-long diplomatic arc, and builds a structurable case for emissions-reduction financing.
From surplus Jeep to national icon — preserved, not replaced
The jeepney began as leftover WWII U.S. military Jeeps that Filipino mechanics rebuilt into a distinctly Filipino form — elongated, chrome-flourished, hand-painted, communally owned. The 2023 PUV Modernization Program's backlash showed why that matters: replacing the jeepney with a generic imported minibus read as erasure of that identity. Conversion keeps the body, the silhouette, and the ornamentation — the soul of the jeepney — and modernizes only the drivetrain.
A full-circle diplomatic story
The Philippines once turned American military castoffs into a national symbol; exporting a Filipino-engineered, Filipino-designed EV jeepney back out to the world completes that circle — from importer of surplus hardware to exporter of finished cultural-industrial product. It also speaks directly to the estimated 10 million-plus overseas Filipinos worldwide (Commission on Filipinos Overseas estimate), for whom an EV jeepney is a piece of home, not just transport.
Carbon credits: avoided emissions, preserved embodied carbon
Full electrification of an operating diesel jeepney maps onto established electrified-transport carbon methodologies (CDM/Verra-type frameworks) through avoided tailpipe emissions; converting the existing body rather than scrapping it for a new vehicle adds a second credential by avoiding the embodied carbon of manufacturing a replacement. Against the 191,730 traditional jeepneys registered nationwide today (a base that grows yearly as more units age into the government's 15-year mandatory-replacement threshold), even a low-thousands-unit fleet conversion is a meaningful, tradeable credit volume over a multi-year crediting period — before counting export units.
Financeable beyond credit-sale revenue
A registered emissions-reduction project of this kind is a candidate for World Bank and Asian Development Bank green transport funds, Green Climate Fund financing, and domestic incentives under the Philippines' Electric Vehicle Industry Development Act (RA 11697), alongside EVIS. Actual credit issuance requires registering under a specific methodology, a validated baseline, and third-party MRV; management frames this as a structurable, financeable emissions-reduction opportunity, not a guaranteed credit payout.
Distribution Model
Central manufacturing, local accreditation, territory by territory.
The kit itself is centrally manufactured, but installation and parts distribution scale through Francisco Motors' existing territory and partner infrastructure — not a build-out from zero.
Central kit manufacturing
Every conversion kit is manufactured centrally, then shipped to accredited local partners for installation — keeping quality and the bill of materials consistent nationwide.
Accredited local conversion centers
Local auto shops are trained and accredited, territory by territory, to perform the actual conversion installs — a new partner type in the FMC Partner Network, reviewed and onboarded the same way Authorized Service Centers already are.
Accredited local parts retailers
Local auto supply stores are separately trained and accredited to stock and sell conversion kit spare parts and components — a second, distinct Partner Network type scoped to the same territory structure.
Wired to real FMC territories
Both new partner types are scoped against the same PSGC-based Country → Cluster → Region → Province → City territory tree the FMC Command Center already uses for Territory Heads and FMC Associates — not a separate, disconnected geography model.
FMC Associates on the ground
The Territory Head or FMC Associate assigned to a given territory is the natural local owner for recruiting and managing accredited conversion centers and parts retailers within their scope — the same relationship they already have with TsuperHero® drivers and operators in that territory.
Illustrative unit economics
~US$24,000 per unit today — expected to fall once we manufacture locally.
Management's per-unit conversion cost is ~US$24,000 today. It is expected to fall once kit assembly and component sourcing move to local manufacturing under the same EVIS/PEZA incentive framework covering Francisco Motors' broader EV production — a current ceiling, not a floor.
| Program volume | Illustrative revenue |
|---|---|
| 1,000 units (initial batch) | ₱1.48 billion (~US$24 million) |
| 5,000 units | ₱7.40 billion (~US$120 million) |
| 20,000 units (scale target) | ₱29.62 billion (~US$480 million) |
Addressable fleet figures per LTFRB public reporting (2025–2026). Conversion program scale (1,000 → ~5,000 → 20,000 units) reflects management's updated program targets. The ~US$24,000 per-unit figure is management's current planning cost and is expected to fall once kit assembly and component sourcing move to local manufacturing under the same EVIS/PEZA incentive framework covering Francisco Motors' broader EV production. These are indicative figures pending final vendor contracts and are not an audited number. This line is treated as unlevered (no dedicated debt tranche) and EBITDA-accretive to the group's blended return targets, rather than carrying its own separate IRR.
Capital Deployment
Convert first, replace over time, export what's displaced.
Each funding tranche can be deployed down either of two tracks against the 191,730-unit nationwide fleet: converting existing ICE units to EV at ~US$24,000 per unit, or building and deploying brand-new JEEPNEY™/ELEKTRON® units at ~US$60,000 per unit, consistent with the wider 100,000-unit, US$6 billion program. Management's phased approach runs both: convert first, since it is faster and cheaper and keeps units earning immediately; replace with brand-new units over time as production scales; and export the displaced, still-serviceable converted or retired units into the West and Central African markets already in Francisco Motors' trade-promotion pipeline (see Global Replication above) — continuing until that ~1.6 million-unit, 25-country demand is met, then expanding into other territories.
| Tranche | Convert to EV (~US$24,000/unit) | Build brand-new (~US$60,000/unit) |
|---|---|---|
| US$100,000,000 | 4,166 units | 1,600 units |
| US$600,000,000 (anchor + triggered facility) | 25,000 units | 10,000 units |
| US$6,000,000,000 (full program) | 250,000 units | 100,000 units |
Illustrative capital-deployment planning figures, management estimates. The two tracks are not additive at a given tranche size — each row shows what that tranche alone could fund if deployed entirely down one track. Not an input to the US$500 million facility's own fleet-economics or bond-coverage figures elsewhere on this page.
Corporate Structure
One ownership structure, US and Philippine operations.
Investment is structured through the group's Delaware holding company.
Francisco Motors LLC
Delaware, USA. The group holding company for the Jeepney.io mobility, automotive, and Jeepney Economy ecosystem, and owner of the group's intellectual property. International and institutional investment is structured through Francisco Motors California, Inc., its U.S. operating subsidiary.
Francisco Motors California, Inc.
Los Angeles, California — vehicle sourcing, mobility technology, and the group's R&D Hub and Advanced Manufacturing Center, and the entity for institutional U.S. financing. A wholly owned subsidiary of Francisco Motors LLC.
Elmer Francisco Motor Corporation
Philippines — manufacturing and platform operations. FMC® is a registered U.S. trademark (USPTO Reg. No. 8,239,233, Class 12: land vehicles).
Market & Return Framework
An ecosystem, not a single vehicle sale.
A JEEPNEY™ or ELEKTRON® buyer returns to purchase again only once every several years — on its own, a single vehicle sale would cap Francisco Motors' revenue to that replacement cycle. It doesn't stop there. The Philippines is a nation of 118,000,000+ people where public transport, led by the jeepney, is the dominant daily mode of transit, and Francisco Motors owns a monetized position at every step of that commuter's day, every single day between purchases: the vehicle, the ride, the charge, the AI, and the hub they pass through. This section's return framework — IRR, customer lifetime value, and backcasting — reflects that full-ecosystem model, and draws on Chairman Elmer Francisco's Wharton School executive education in FinTech, AI, and business scaling.
Vehicle sales
JEEPNEY™ and ELEKTRON® unit sales, ELEKTRON® Orbit reservations, and fleet/government deployments — the one-time transaction, occurring roughly once every several years per buyer.
In-house leasing & fare-share
Where Francisco Motors directly leases or lease-to-owns a JEEPNEY™ or ELEKTRON® unit to its driver-operator, the company retains a direct share of that vehicle's daily fares for the life of the lease — a recurring, daily-cadence revenue stream tied to the vehicle, distinct from a one-time sale or a third-party financing attach-fee.
Fares & ridership (platform-wide)
Separately, a platform take-rate on rides, fares, and route settlement across every jeepney and transport operator on Jeepney.io — including operators outside Francisco Motors' own leased fleet.
Charging network
Revenue per charge session across FMC Hub charging infrastructure as the electric fleet scales.
Aftersales & service
Scheduled maintenance, Care+ subscriptions, and technician dispatch across the vehicle's full ownership life.
Parts & components
OEM and accredited aftermarket parts sold through the FMC Partner Network and hub network.
AI access
DOMENG® usage and AI credits, sold on Jeepney.io to drivers, merchants, and enterprise/government accounts.
FMC Hubs
Outlet-style terminal revenue — retail, food, relaxation zones, and charging/AI infrastructure hosting.
Technician network
A marketplace take-rate on the accredited technician and service-center network DOMENG® dispatches.
Insurance & wallet
Attach-rate revenue on vehicle insurance, plus transaction economics on the Jeepney.io wallet.
Conversion kits & retrofit
EV conversion kits for the existing diesel jeepney, Vios, L300, Multicab, and OTJ fleet — a second revenue stream against the installed base, plus export of converted/retired units to Africa and other developing markets.
Global Replication
One stack, replicated wherever the relationship already exists.
The vehicle, Jeepney.io, DOMENG®, and the in-house leasing/fare-share model above are not Philippines-only mechanics — they are a stack designed to be replicated in any market with a similar informal or underserved public-transit base. Management's lowest-hanging replication target is West and Central Africa, where Francisco Motors already has an active relationship: a 25-country trade-promotion footprint referenced by the Philippine Embassy in Abuja, and an existing China-based manufacturing presence serving the region.
Institutional return methodology
How the opportunity is modeled.
Figures below are management's indicative targets and modeling assumptions — not audited results, and not a guarantee or promise of return.
| Metric | Basis |
|---|---|
| Total addressable market | A 118,000,000+ population Philippine market where public transport is the dominant daily mode, plus West/Central Africa — a 25-country footprint already in Francisco Motors' trade-promotion pipeline, targeted for replication of the full vehicle + platform + leasing/fare-share stack, not just vehicle export; management frames the global clean-mobility opportunity these beachhead markets connect to in the multi-trillion-dollar range. |
| Targeted IRR | 15–18%, management's indicative target for anchor and early-round capital. |
| Targeted MOIC | 2–3x multiple on invested capital within approximately 5–6 years, management's indicative target — consistent with the targeted 15–18% IRR over that horizon. |
| Customer lifetime value (CLV) | Modeled across the full ownership relationship — vehicle purchase, in-house leasing/fare-share, platform fares/ridership, charging, aftersales, parts, insurance, and AI subscription — not a single vehicle sale occurring once every several years. |
| Backcasting | The anchor tranche, the US$6 billion program, and the 100,000-unit production target are set working backward from management's targeted enterprise trajectory within the addressable market, rather than built up from current run-rate alone. |
| Annual EBITDA (fleet, steady state) | ₱9,945 million (approximately US$160 million), an approximately 17% margin, per management's illustrative operating model for the Oppenheimer-arranged facility. |
| Debt service coverage ratio (DSCR) | Approximately 6.5x–7.75x once past the initial capex year, against a 1.3x target covenant and 1.2x lock-up — see Bond Structure & Coverage below. |
| Valuation impact of certification | Management's financing analysis models a prospective Green Finance certification (Bureau Veritas has proposed this work; engagement is not yet formalized) as reducing the company's risk premium (WACC) by an estimated 1.5 percentage points, correlating to an estimated US$5 billion in valuation uplift. |
| Conversion kit addressable base | 191,730 traditional jeepneys registered nationwide today (a figure that grows yearly under the government's 15-year mandatory-replacement mandate), fewer than 6,000 modernized to date, plus the installed Vios/L300/Multicab/OTJ fleet. Program scaled at an initial 1,000 → ~5,000 → 20,000 units. |
| Conversion kit unit economics | ~US$24,000 per unit today, expected to fall once kit assembly moves to local production under the EVIS incentive framework. See Conversion Kits & Circular Economy below for the full breakdown. |
Investment
An anchor tranche into a US$6 billion growth program.
Francisco Motors is inviting a small number of institutional partners across three capital profiles to lead this round: sovereign and Gulf allocators, private investment holding companies, and the credit institutions that structure and syndicate growth-stage infrastructure financing. Terms below are indicative and subject to definitive documentation.
| Scope | Units | Basis |
|---|---|---|
| Phase 1 — this US$6 billion program | ~100,000 JEEPNEY™ & ELEKTRON® units | The anchor tranche and triggered bond facility described below |
| Philippines replacement opportunity | ~250,000 vehicles | Traditional jeepneys and legacy public transport units management has identified for replacement domestically |
| West & Central Africa replacement opportunity | ~1,600,000 vehicles | Across Francisco Motors' 25-country footprint (16 West African, 9 Central African countries) — the same regional footprint referenced in the Sustainability section above |
| Not yet sized or included above | Not scoped | South American and additional Asian markets Francisco Motors has separate interests in, excluded entirely from this page's figures |
This US$6 billion program is sized to fund Francisco Motors' first phase of manufacturing capacity, not the full addressable replacement market. Management estimates the Philippines and West/Central Africa replacement opportunity alone at approximately 1.85 million vehicles — matching the combined installed-base figure already cited in the Sustainability section above. Anchor investors' right of first refusal on related SPVs and co-investment rights (below) are the mechanism for participating in that larger opportunity as later phases are financed, rather than a reason to size this opening program to the full market today.
Sovereign & Gulf institutional capital
Government-validated at every level — BOI, PEZA, the Philippine Climate Change Commission, and California's GO-Biz — with a Green Finance Framework structured for both conventional Green Bond and Green Sukuk eligibility from day one. Built for allocators who require policy alignment, long-duration downside protection, and Shariah-compliant structuring, not retrofitted later.
Private investment holding companies
Anchor terms are built for direct participation, not passive exposure: board observer and committee seats, right of first refusal on related SPVs, co-investment rights, and a defined exit path — convert pre-IPO or sell post-listing, subject to a lock-up period. Governance and liquidity terms a hands-on institutional holding company would expect to negotiate directly.
Institutional-grade credit & advisory rigor
Senior Secured Notes structured under 144A/Reg S with a Debt Service Reserve Account funded at closing, SGV/EY engaged for IFRS audit and incentive compliance, and a proposed Bureau Veritas Green Finance certification (engagement not yet formalized) — the diligence and documentation layer a lead bookrunner's own institutional network expects before syndication.
A US$100 million anchor deposit is structured to trigger a US$500 million bond facility, anchoring the wider US$6 billion program. Bar widths are scaled non-linearly (square root) for legibility, not literally to value.
| Term | Indicative provision |
|---|---|
| Recipient entity | Francisco Motors California, Inc. (a wholly owned subsidiary of Francisco Motors LLC) |
| Depository | Oppenheimer & Co. Inc., Pacific Group, New York |
| Instrument | Project financing (ring-fenced, non-recourse to the wider group) |
| Total program | Up to US$6 billion (QAR 21.84 billion) |
| Governance | Board observer and committee seats for anchor investors |
| Anchor privileges | Founding anchor recognition, right of first refusal on related SPVs, co-investment rights |
| Exit | Convert pre-IPO or sell post-listing, subject to a lock-up period |
Use of Funds
The anchor tranche is designed to trigger further capital.
The opening deposit is structured so that its deployment triggers a larger financing facility and funds two manufacturing sites directly.
| Step | Detail |
|---|---|
| 1. Anchor deposit | US$100,000,000 (QAR 364,000,000) into Francisco Motors California, Inc.'s regular way brokerage account at Oppenheimer & Co. Inc. (Pacific Group), New York |
| 2. Triggered facility | An Oppenheimer-arranged bond program of US$500,000,000 (QAR 1.82 billion) |
| 3. California deployment | R&D and Advanced Manufacturing Center — Santa Clarita, California |
| 4. Philippines deployment | US$100,000,000 (approximately ₱6.17 billion) EV manufacturing facility under EVIS (Executive Order 121) — above EVIS' ₱5 billion minimum investment threshold |
Bond Structure & Coverage
How the US$500 million facility is serviced.
The Oppenheimer-arranged facility is structured against the operating cash flow of the fleet itself. Proposed terms below reflect the Senior Secured Notes discussion materials prepared with Oppenheimer & Co. Inc.; the underlying operating figures are management's illustrative model and are being finalized alongside definitive documentation.
| Term | Proposed provision |
|---|---|
| Instrument | Senior Secured Notes, 144A / Reg S |
| Coupon | [9.75% area], semi-annual in arrears |
| Tenor / average life | 10 years / 6.25 years |
| Amortization | 16 equal semi-annual payments, starting Year 3 |
| Optional redemption | Callable with a make-whole premium (T+50) in years 1–4; then at a declining call premium — Par + 1/2 of coupon (Year 5), 1/3 (Year 6), 1/4 (Year 7), 1/8 (Year 8); at par in years 9–10 |
| Collateral | The fleet, certain lease/sale payment contracts and their proceeds, and a Debt Service Reserve Account funded at closing |
| Listing | Luxembourg, Singapore, or Frankfurt |
| Sole bookrunner & lead manager | Oppenheimer & Co. Inc. — Pacific Group |
| Fleet economics (steady state, illustrative) | Basis |
|---|---|
| Fleet size | 20,833 vehicles — this facility's US$500M deployed at the ~US$24,000-per-unit conversion cost (see Capital Deployment above) |
| Annual ridership | ~2.55 billion rides/year (360 rides/vehicle/day, 340 operating days/year) |
| Annual revenue | ₱58,498 million (~US$948 million) — fares plus other platform revenue |
| Annual EBITDA | ₱9,945 million (~US$160 million), an ~17% margin at this stage of the model |
| Debt service coverage ratio (DSCR) | ~6.5x–7.75x once past the initial capex year, against a 1.3x target and 1.2x lock-up covenant |
Addressable Fleet & Route Data (Philippines)
The nationwide base this facility's 20,833-vehicle slice sits inside.
Management's registration data puts 191,730 jeepneys on the road nationwide today — the addressable base the 250,000-unit conversion program (and this facility's 20,833-vehicle share of it) is drawn from, and the same base referenced in the Conversion Kits section elsewhere on this page.
| Region | Registered jeepneys |
|---|---|
| NCR | 46,015 |
| Region 3 | 32,594 |
| Region 4 | 30,676 |
| Region 7 | 15,338 |
| Region 6 | 13,421 |
| Region 1 | 7,669 |
| Region 5 | 7,670 |
| Region 10 | 7,672 |
| Region 11 | 7,669 |
| Region 2 | 5,751 |
| Region 8 | 3,834 |
| Region 9 | 3,836 |
| Region 12 | 3,835 |
| CAR | 3,833 |
| CARAGA | 1,917 |
| Total (nationwide) | 191,730 |
| Route length | % of routes | % of jeepneys | Round trips/day | Hours operated/day | Distance/day (km) |
|---|---|---|---|---|---|
| < 5 km | 25.5% | 21.5% | 9.9 | 13.5 | 61.5 |
| 5–10 km | 26.0% | 22.9% | 7.1 | 14.1 | 101.3 |
| 10–20 km | 36.1% | 42.0% | 6.2 | 14.9 | 191.9 |
| 20–30 km | 8.6% | 11.7% | 4 | 14.2 | 181.7 |
| 30–40 km | 2.9% | 1.7% | 4 | 14.25 | 275.5 |
| > 40 km | 0.9% | 0.3% | 3 | 16 | 348 |
Management's route-survey data by distance band, used to characterize the operating profile of the nationwide fleet above. 86.4% of jeepneys nationwide operate routes under 20 km. Separate from, and not yet reconciled into, the steady-state ridership assumption (360 rides/vehicle/day) used in the fleet-economics model above.
Outputs of an internal operating model built for the Oppenheimer & Co. Inc. financing discussion — illustrative, not audited or final. See the fleet economics table above and its disclaimer below.
Quanta closed-loop float
Every ride is prepaid in Quanta, the platform's native currency pegged to the Philippine peso, loaded through the TsuperHero® program with a 40% bonus load, building a reusable float that management's model shows reaching an estimated ₱306,000 million (~US$5.0 billion) cumulative by 2040 — funding future capex from float rather than new debt draws, and de-risking the credit over time.
The fleet-economics figures above are outputs of an internal operating model built for the Oppenheimer & Co. Inc. financing discussion. Management is finalizing the underlying assumptions (fares, fleet build-out pace, adoption); figures should be read as illustrative of the model's structure and mechanics, not as audited or final projections.
Investor Inquiry
Request a virtual meeting.
Tell us a little about your organization and we will follow up to schedule a virtual meeting with Francisco Motors leadership.