🔋🚗 Let's talk EVs

Malaysia's Prime Minister met with Elon Musk to discuss SpaceX's Starlink satellite service

Author

Zhen Hong Ong
July 17, 2023

GM. This is micro digest, your own personal SEA tech chef.

And we only cook up the lip-smacking, finger-licking-good stories that’ll leave your brain satisfied.

Here’s what we got for you:

  • 🌊 The SEA - Selex Motors - The Vietnamese EV startup that wants to be the nation’s largest battery-swapping network provider

  • ⛵ SEAppets - Malaysia's Prime Minister met with Elon Musk to discuss SpaceX's Starlink satellite service

  • 💰 SEA Deals

  • 🖼️ AI Image of the day

  • 🐣 Tweet of the day

Markets 📈

The SEA 🌊

Today, let’s talk about EVs.

⚡ Tesla has officially started sales in Malaysia

  • The company recently announced the release of the Model Y SUV in Malaysia, its first mass-market model for the country

  • Tesla’s official launch is scheduled to be on the 20th of July

  • Not only that, Elon Musk recently had a virtual meeting with Malaysia's Prime Minister, Datuk Seri Anwar Ibrahim, to discuss the opening of Tesla's headquarters in Selangor and the country's commitment to achieving net-zero emissions by 2050

  • But seems like all Malaysian leaders are trying to claim credit for Tesla selling its car in the country 🤷‍♂️

🔋SEA EV Market

  • The ASEAN Electric Vehicle Market is expected to grow from USD 858.76 million in 2023 to USD 3,537.65 million by 2028, at a CAGR of 32.73%.

  • This growth is due to government policies and plans to increase electric vehicle charging infrastructure, as well as the automotive industry's recovery from the losses caused by the COVID-19 pandemic

  • Batteries such as lithium-ion are commonly used in electric vehicles, and the segment is expected to witness significant growth in the coming years

💡 EV Startups In SEA

  • EV startups in the ASEAN region are focused on battery charging and swapping 

  • To meet the forecasted number of EVs in the region by 2030, countries are making deals with local companies to install charging stations

  • Singapore’s Charge+ won a tender to install 4,000 electric vehicle charging stations in Singapore

  • Electrum is a joint venture between Gojek and TBS Energi Utama that aims to set up charging stations in Indonesia

  • EV adoption is hindered by high upfront costs, leading to the popularity of leasing options such as those offered by Charged Asia and Blitz

Let me know if you want me to cover EV startups in SEA :)

SEAppets ⛵

1. Malaysia's Prime Minister Anwar Ibrahim met with Elon Musk to discuss SpaceX's Starlink satellite service which could help improve internet access in rural areas. Musk is the CEO of electric vehicle maker Tesla Inc and has plans to open a headquarters, service centre and Tesla Experience Center in Selangor. Malaysia is also committing to achieving net-zero emissions by 2050, and Musk has announced a new AI company, xAI.

2. A new report by AC Ventures and Boston Consulting Group has revealed that Indonesia has a green growth opportunity of $400 billion. This includes three key focus areas such as strategy and professional services, solutions to optimize greenhouse gases and emission offsetting. The report also highlighted the potential for startups, MSMEs and investors to drive Indonesia's transition to a green economy.

3. Investments in FinTech in ASEAN have exceeded $4 billion in the first nine months of 2022, and Singapore is seen as an ideal bridge for companies to reach other countries in the region. AI adoption is increasing, especially in the RegTech sector and green economy initiatives are gaining momentum. Globally, FinTech is continuing to grow but the pandemic has caused investments to slow down. The payments and neobanking sectors are expected to show significant growth, and more countries are exploring Central Bank Digital Currencies.

4. CapBay, a Malaysia-based SCF and P2P platform, achieved profitability last year and has now provided over $220 million in funding to 400 SMEs in Malaysia. They have partnered with banks, institutional investors, and the Malaysian government to provide alternative financing solutions. They are now expanding to Singapore and Thailand and are actively pursuing joint ventures, mergers, and acquisitions.

5. Funding into Vietnamese tech startups declined drastically in the first half of 2023, with a total of $66 million - an 82% decrease from the first half of 2022. This can be attributed to the negative economic impact of the COVID-19 pandemic and uncertain global events that have made investors more cautious. Early-stage startups accounted for 88% of the funding, but seed-stage funding experienced the sharpest decline. The HealthTech sector achieved record-breaking funding of $53.5 million, while FinTech and enterprise applications sectors received minimal funding. Despite the downward trend, the Vietnam startup ecosystem holds potential for growth due to government support and initiatives.

SEA Deals 💰

1. Vertex Ventures HC (VVHC), a women-led global healthcare investment firm backed by Temasek, has launched a $200 million Fund III to invest in early-stage healthcare and medical technology companies. VVHC has invested in over 25 companies and has $550 million in assets under management. Vertex Venture Holdings recently raised over $900 million in its Master Fund III, and other venture capital firms have also raised funds for healthcare investments.

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AI Image of The Day 🖼️

Tweet of The Day 🐣

You thought you have all the time in the world but in reality, YOU DON’T

That’s a wrap for today. See you all tomorrow! 👋

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