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When it comes to racing, the length of the track matters a lot.
Usain Bolt might be the fastest man in the world over 100 metres, but there are hundreds of runners who could smoke the champion sprinter over long distances. Bolt might get out to a fast start in a 5,000 meter race, but you’d be a fool to expect that lead to hold if the likes of GOAT marathoner Eliud Kipchoge were also on the starting blocks.
Hyundai jumped out to an early sales lead in Indonesia’s electric vehicle (EV) market, but the South Korean carmaker was overtaken by Chinese firm BYD last year.
But as today’s featured story shows, the EV market is a marathon, not a sprint, and it’s still anybody’s race.
Today we look at:
- Hyundai and BYD jockey for position in Indonesia
- A Google tech stack in the works for Indian farmers
- Other newsy highlights such as SoftBank planning to borrow US$16 billion for AI investments and rising crypto prices after Trump’s reserve comes into view.
Premium summary
Indonesia’s EV race
Image credit: Timmy Loen
It wasn’t so long ago when Hyundai was the EV king of Indonesia, topping the market in sales in 2023.
Last year, though, BYD outmaneuvered the South Korean firm to take the lead. And while the Chinese automaker is in the driver’s seat now, it’s not quite the end of the road for Hyundai.
- Gearing up: Analysts note that while Hyundai once had first-mover advantage in Indonesia’s EV market, that has been eroded by Chinese competitors like BYD and Geely. BYD’s efforts are aided by the Indonesian government’s incentives to boost EV adoption, including an import tax exemption.
- No. 1 for now: Hybrid vehicles still outsell EVs in Indonesia. Hyundai recently added hybrids to its catalogue, which some analysts believe will give it an advantage. However, the gap between hybrid and EV sales closed significantly last year, with EVs gaining ground.
- Looking out: Hyundai, though, is using the Indonesian market for something other than domestic sales: exports. Given the volatility of the Indonesian market, focusing on sales overseas may make more sense for the company, which was Indonesia’s fourth-largest car exporter last year.
Read more: Title
Google, the farmer
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