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In focus
For this edition, we cover:
- Indonesia’s EV battery dreams looking grim
- Sea’s raking it in. Let these charts show you how.
- Google’s ‘I’m Feeling Lucky’ faces an AI makeover
Hello reader,
There’s a word Indonesians love to throw around when talking about foreign investments: premanisme. It refers to the strong-arm tactics used by certain groups – sometimes masked as “civilian organizations” and often tied to political or local power – to extract something from incoming investors.
It’s the kind of thing you hear in passing: “Yeah, they asked for ‘security fees’,” or “They wanted their people hired as guards or cleaners.” Sometimes it’s shrugged off as the cost of doing business. Other times, it scares the money away.
When these stories do come up, the reaction is almost always the same: “That’s why X went to Vietnam,” or “That’s why Z chose Malaysia over us.” It’s a long-standing issue, but one that’s increasingly getting the spotlight it deserves.
Most recently, it resurfaced when BYD and VinFast – two automakers investing hundreds of millions into electric vehicle manufacturing plants in Indonesia – reportedly faced pressure from civilian organizations demanding fees or jobs. Officials from both companies have since played these incidents down. But behind the scenes, it’s a symptom of a bigger credibility gap.
It’s also just one of several challenges holding Indonesia back from becoming a serious player in the global EV supply chain, as detailed in today’s Big Story.
In this edition, we also spotlight Sea’s return to profitability. The company has just reported US$411 million in profit for the first quarter of 2025. Things haven’t looked this good for Shopee’s parent company, Sea, in three years.
Foreign capital may come and go. But execution? That’s what turns big promises – whether in batteries or balance sheets – into staying power.
Glenn Kaonang, journalist
The Big Story
Indonesia’s EV battery bet falters amid global, local pressure
Former Indonesian president Joko Widodo during a visit to Hyundai’s EV battery plant in 2023 / Photo credit: Presidential Press Bureau
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