Under the hood of SEA’s EV sector

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Until recently, it seemed that the Singapore government wasn’t that enthusiastic about fully electric vehicles. Despite making strong pushes in other areas to drive environmental sustainability, there wasn’t much in the way of supporting EV adoption.

The country didn’t have many charging stations, and buying an EV was just like purchasing any other car.

That’s all since changed. I’ve noticed more charging stations in places like public housing car parks and shopping malls. Additionally, the government has implemented attractive rebates to reduce the cost of getting an EV. That’s important in Singapore, where purchasing a new vehicle is extremely expensive.

With these developments, I’ve noticed that EVs have become a little more mainstream. You never really saw Teslas on the road here before. Now, I see them almost every day. Just the other day, I drove past a huge banner – five or six storeys high – advertising an EV from Kia.

That said, it’s also important to keep in mind that while the cars are definitely a flashy end product, there’s a whole ecosystem out there that needs to support the growth of the EV sector. Today’s story dives deeper into what that ecosystem looks like throughout Southeast Asia.

Today we look at:

• The companies driving Southeast Asia’s EV ecosystem
• Malaysian startup Curlec’s transition into a payment gateway for businesses.
• Other newsy highlights such as 5ire’s co-founder resigning under troubling circumstances and a new fund from an India-based micro VC firm.

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Southeast Asia’s EV market goes vroom

Image credit: Timmy Loen

I have to admit, Teslas look pretty good, but it’s hard to shake off the bad impression I have of Elon Musk, which has somewhat tarnished the brand for me. Thankfully, there’s more to the EV sector than just Tesla. Here’s a look at some of them in Southeast Asia.

• Two wheels good, four wheels bad: EV adoption is mostly geared toward a particular subset of vehicles in the region: two- and three-wheelers. Motorbikes, tuk-tuks, and other two- and three-wheelers account for around 80% of all vehicles – electric and otherwise – operating in Southeast Asia.
• Leading the charge: Most of the EV companies in Southeast Asia deal with battery charging and swapping. There are a total of 15 startups in this segment, with examples such as Gogoro and ChargeSini.
• Full tank: Funding in the sector has grown by more than 65% this year compared to 2022. However, this figure is skewed by large deals from industry leaders. Earlier this year, VinFast parent company Vingroup injected US$1.5 billion into the EV firm, and it may loan another US$1 billion to the company in the next five years.

Read more: Mapping SEA’s electric vehicle players

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