SEA roundup: Indonesia to introduce EV subsidies in 2023

Jingyue Hsiao, DIGITIMES Asia, Taipei 0

Credit: AFP

Besides encouraging investment in nickel processing for EV batteries, Indonesia is looking to offer purchase subsidies to spur EV sales, while the global semiconductor slowdown negatively impacts Malaysia.

Indonesia plans to provide subsidies to spur EV sales

According to Bloomberg, Budi Karya Sumadi, Transport Minister of Indonesia, said the government plans to subsidize purchases of EVs in 2023 to boost EV sales.

Malaysian semiconductor industry expected to soften in 3Q22

According to New Strait Times, CGS-CIMB Research released a note saying that due to the global slowdown and inventory correction, the semiconductor industry of Malaysia will see a 10% net profit growth in 2022, lower than the 45% growth for 2021, and 5% in 2023.

Molex expands Vietnam manufacturing plant

According to PR Newswire, Molex, an electronics manufacturer for automotive, ICT, industrial, and health, announced an expansion of its Hanoi facility to include an additional 16,000 square meters, a move that will generate 200 new jobs in advanced high-tech manufacturing.

Singapore launches ESG Impact Hub

According to Strait Times, the Monetary Authority of Singapore launched ESG Impact Hub to help spur collaboration between ESG fintech startups and solution providers, financial institutions, and real economy stakeholders to spur the growth of the sustainability tech sector.

Vietnam to reduce dependence on imported technology and equipment

According to Vietnam Plus, Huynh Thanh Dat, minister of Science and Technology of Vietnam, said the government plans to establish three trading platforms to meet the huge demand for technology from Vietnam-based companies and reduce reliance on imported technology and equipment.