The Southeast Asia e-vehicles sector is providing much-needed solutions in a region plagued by the pollution caused by a large number of cars and motorbikes on the roads. The gasoline-powered vehicles pollute the air as the population grows and more people own several cars and bikes.
Some of the limitations the Southeast Asia e-cars and e-bikes face include delayed adoption, high costs of purchasing, inadequate investor and government funding and support, and a lack of sufficient technologies. Furthermore, manufacturers must negotiate with cities in order to work together, and they must focus on providing safety to their customers while improving the technology.
A few companies have already established themselves, and the manufacturers of Southeast Asia e-bikes, cars and other vehicles are bringing their solutions to market and attracting new customers. Here are five emerging e-vehicle players:
A closer look at the bustling eVehicle market in Southeast Asia
Dat Bike, located in Vietnam, is an electric motorbike manufacturer that aims to combat pollution in the nation by transitioning riders from gasoline-powered motorbikes to electric motorbikes. The initial challenge was figuring out how to enable the electric bikes to perform similarly to their gas counterparts, but the company has finally accomplished this with its Weaver 200 bike brand.
If you download the Dat Bike app, you can remotely update the bike’s software, unlock it with the push of a button, and contact the business for servicing.
In April, the company raised $5.3 million USD in a Series A round, increasing its total capital to $7.9 million USD. Jungle Ventures, Wavemaker Partners, iSeed, and Hustle Fund are among its investors. Dat Bike intends to spend the funds on new technology, increase its motorbike manufacturing, and expand into other areas of Vietnam.
Neuron Mobility, established in Singapore, aims to help the world become more sustainable by providing safe e-bikes and e-scooters for convenient travel or moving around the city. Its bespoke solutions are designed and manufactured in-house, assuring safety, performance, and long-term viability.
The e-bikes and e-scooters may be rented, and the company partners with local councils to guarantee that people can switch bikes and travel about cities.
The company recently raised $43.5 million USD in a Series B round, increasing its total capital to $77.7 million USD. GSR Ventures, Square Peg Capital, and EDBI are among its investors. Neuron Mobility intends to use the funds to scale its innovative technology, design and manufacture additional e-scooters, and expand its global operations.
Gojek and TBS Energi Utama
Electrum is a joint venture founded by Gojek and TBS Energi Utama in Indonesia to accelerate the adoption of electric vehicles (EVs) in the country. Super App Gojek is the country’s first unicorn—company with a market capitalisation of more than $1 billion USD valuation—and it offers on-demand solutions for ordering meals, shopping, digital payments, and other services. TBS Energi Utama is a sustainability-focused integrated energy company.
The joint venture aims to increase EV production, create a scalable ecosystem, and innovate battery and other EV renewable energy solutions. Both companies want to achieve a zero-emissions status, with Gojek converting its logistics teams to EVs and TBS Energi Utama funding sustainable energy. Their changes will increase EV adoption while also protecting the environment by reducing pollution.
VinFast, a Vietnamese company, is a global intelligent mobility manufacturer and the country’s number one automobile seller in three segments: EVs, e-scooters, and e-buses. It is one of the largest manufacturing factories in the Association of Southeast Asian Nations (ASEAN), producing half a million cars and half a million e-bikes each year.
VinFast recently filed for an initial public offering (IPO) on the US stock market. It plans to establish itself in the United States, construct a car manufacturing factory, and begin selling EVs by 2024. It will face the powerhouse Tesla, but the company feels confident it will be able to compete.
Hyundai Motors Indonesia, a subsidiary of Hyundai Motors Company, announced in March that it will construct a manufacturing factory in Indonesia to begin producing EVs. The facility is located in the Kota Deltamas industrial complex near Cikarang, which is about 40 kilometres from the capital city of Jakarta. When fully operational, the manufacturing facility will produce 250,000 units per year.
Hyundai Indonesia spent $1.55 billion USD to construct the manufacturing hub, and the company plans to deliver its technologies to other ASEAN countries as well.
Southeast Asia’s e-cars, motorbikes, and e-scooters will make a significant difference in the environment and reduce the region’s air pollution. Citizens will take time to adopt EVs and other electric alternatives owing to the high purchase costs, inaccessibility, and infrastructure challenges.
Regardless, the Southeast Asia e-vehicles industries are heading in the right direction and will thrive if more people begin purchasing them, and the government offers incentives to lower the prices. Southeast Asia e-bikes and other electric vehicles are projected to become the dominant means of transportation in the region soon.