Indonesia Becomes ASEAN's Largest Electric Vehicle Investment Destination

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Adi Ahdiat 11/10/2022 13:50 WIB

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Between 2019 and 2022, Indonesia received the largest amount of foreign investment in the electric vehicle industry in the ASEAN region, totaling US$17.8 billion.

Foreign Investment Value in the Electric Vehicle Industry in ASEAN Countries (2019-2022)

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Foreign Investment Value in the Electric Vehicle Industry in ASEAN Countries (2019-2022)

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Between 2019 and 2022, ASEAN countries received US$25.57 billion in foreign direct investment (FDI) for the development of the electric vehicle industry.

This was reported by the ASEAN Secretariat in the ASEAN Investment Report released in September 2022.

"Despite the pandemic, investors in the ASEAN automotive industry remained active, particularly in the electric vehicle supply chain," the ASEAN Secretariat explained in its report.

"Investment activities ranged from nickel mining and smelting, battery and electric vehicle production, to research and development of new infrastructure," it continued.

According to data from the ASEAN Secretariat, during 2019-2022, the flow of foreign investment for the electric vehicle industry in the ASEAN region was highest in Indonesia, with a total value reaching US$17.8 billion.

Following Indonesia were Thailand, Malaysia, the Philippines, and Singapore, as shown in the graph. Other ASEAN countries, namely Myanmar, Cambodia, Laos, Vietnam, and Brunei Darussalam, did not record receiving similar foreign investment flows.

Details of foreign investor companies for the electric vehicle industry in ASEAN during 2019-2022:

1. Indonesia

* Foxconn (Taiwan): US$8 billion
* CATL (China): US$5.2 billion
* Toyota Motor (Japan): US$2 billion
* Hyundai Motor (South Korea): US$1.5 billion
* Hyundai Motor & LG Chem (South Korea): US$1.1 billion

2. Thailand

* Foxconn (Taiwan): US$2 billion
* Evlomo (United States): US$1.06 billion
* Ford (United States): US$900 million
* SAIC (China): US$857 million
* Mitsubishi Motors (Japan): US$819 million
* Toyota Motor (Japan): US$741 million
* Nissan (Japan): US$367 million
* Honda Motor (Japan): US$136 million
* GWM (China): US$71 million
* FOMM (Japan): US$31 million
* Mercedes-Benz (Germany): US$20 million
* BMW (Germany): US$16 million
* Energy Efficiency Services (India): US$5 million

3. Malaysia

* SK Group (South Korea): US$553 million
* Toyota Motor (Japan): US$65 million

4. Philippines

* EN Plus (South Korea): US$101 million

5. Singapore

* Kymco (Taiwan): US$30 million

"Strong investment in the electric vehicle supply chain is expected to continue, given that most ASEAN member states support the development of a competitive ecosystem and market, encourage the adoption of electric vehicles, and target zero-carbon policies," the ASEAN Secretariat explained in its report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia Becomes ASEAN's Largest Electric Vehicle Investment Destination

Indonesia Becomes ASEAN's Largest Electric Vehicle Investment Destination

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Indonesia Becomes ASEAN's Largest Electric Vehicle Investment Destination

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