Subsidies power Indonesia’s 2W EV surge

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Electric scooters have become a more familiar sight in Surabaya, Indonesia's second-largest city after Jakarta. As a Surabaya resident, I encounter two-wheeled (2W) electric vehicles (EVs) almost every day on my commute, though they're still far outnumbered by their gas-fueled counterparts. Showrooms for various EV brands have been cropping up over the past year, indicating growing market interest. Yet despite competitive pricing (thanks to government subsidies), many people remain hesitant to make the switch to 2W EVs. But this isn't just about price, as some EV models are even cheaper than the popular fuel-powered Honda Beat. Instead, reliability stands out as a core concern. Industry insights and consumer surveys repeatedly point to the same issue with 2W EVs: poor performance. I once saw two men pushing an electric scooter up a flyover because it didn't have enough power to do the climb. Incidents like this certainly don't inspire confidence, especially when traditional motorcycles rarely face such problems. While there are certainly high-performing EVs available, some models simply aren't suited to Indonesia's roads. Many are rebranded Chinese models with minimal or no modifications for local conditions - a problem partly due to the lack of performance standards in the government's subsidy program. This is an issue that could be addressed, but would it be? Currently, the subsidy program has hit its quota and is on pause until further announcements from the new administration. Without these incentives, can the EV sector keep its momentum? And what does this mean for the future of EV startups in Indonesia? -- [Glenn Kaonang]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Subsidies fuel Indonesia’s 2W EV growth, but at what cost?]( Some EV brands reportedly rely on fully knocked-down kits from China due to the lack of enforced standards in Indonesia. 2. [Syfe cuts losses by half, aims for group profitability by 2025]( The company says its newest products encouraged customers to increase their assets in the wealth management platform. 3. [Asia’s tech, manufacturing stocks brace for Trump 2.0]( On the campaign trail, President-elect Donald Trump proposed blanket tariffs of at least 60% on Chinese goods. 4. [Mober makes green logistics play in PH’s budding EV space]( The startup said it is the first logistics company in the Philippines to integrate EVs into its fleet. 5. [ESOPs pick up steam in SEA as tech winter bites]( ESOPs can certainly drive long-term growth for a startup. Still, more can be done to drive adoption. 6. [GoTo alums raise seed round for ‘driver-as-a-service’ firm]( Indonesia’s Dash Electric offers its EV fleet and customizable logistics solutions to clients like JNE, Lazada, and Sayurbox. 7. [How a barista gave a master class in corporate training]( In most workplaces, learning is isolated and boxed into formal training. But what if it’s integrated into the flow of work? 8. [VC funds tracker: VinVentures to invest $50m in SEA and more]( Fundraising is difficult. To make things easier, we have compiled a list of the most recent VC funds for our subscribers. 9. [Validus halves losses amid 1.4x growth in loan portfolio]( Backed by Vertex Ventures, the Singapore-based fintech firm is on track to hit breakeven by first half of 2025. 10. [Meet the 15 top-funded startups and tech companies in Vietnam]( Here are the companies in Vietnam that are attracting tons of investors and have the resources to spend on software, talent, and expansion. ---------------------------------------------------------------  DON’T JUST OBSERVE, LEARN AND BUILD A WINNING STARTUP Get inside the minds of top VCs at Startup Spotlight Nine startups, four judges, one epic showdown. Witness the future of innovation as the finalists of Startup Spotlight pitch their groundbreaking ideas to an esteemed panel of judges featuring Murli Ravi of Tin Men Capital, Reuben Lim of Singapore Fintech Association, Joyce Ng of iGlobe Partners, and Cher Hao Low of Airwallex. 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