How Chinese car makers are helping Indonesia’s EV dreams

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CHINESE EV MAKERS IN INDONESIA

Chinese car makers are the most popular in Indonesia’s EV market, surpassing other Asian competitors.

According to September sales figures by Gaikindo, the best-selling electric cars were from Chinese brands BYD, Wuling and Chery.

Recently, Beijing pledged to ramp up its investment in Indonesia’s EV industry, after a bilateral meeting between both countries’ top diplomats in a bid to help Jakarta chase its EV dream.

Indonesian authorities have set a production target of 600,000 EV units by 2030.

Already boosting the industry is Chinese carmaker Wuling, which inaugurated its factory in West Java in 2017 and currently produces 120 electric vehicles per day. These vehicles are sold to the Indonesian market and exported as well. 

Wuling is planning to expand its EV services. 

“For the future, we want to expand again where we want to build an electric car battery facility here. And we have scheduled for the production of electric car batteries to begin at the end of 2024,” said public relations manager at Wuling Motors Indonesia Brian Gomgom.

BYD, the world’s largest EV manufacturer, is also investing US$1.3 billion to build an EV plant in Indonesia. Factory operations are expected to begin in January 2026. Its investment in the country is expected to contribute to the industry, economy and jobs.

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Ratan Tata’s half-brother Noel takes the reins at powerful charity arm of India’s Tata group

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NEW DELHI: The half-brother of Ratan Tata was appointed on Friday ( Oct 11 ) as the head of the powerful and influential philanthropic arm of India’s Tata group, giving him indirect control of the US$ 165 billion conglomerate.

Tata Trusts said Noel Tata, 67, will be its new president after the suicide this year of Ratan Tata, &nbsp, one of India’s best-known corporate titans. The choice followed “many old-timers” in the class wanting him to direct the walk, said one Tata professional.

The family business, Tata Sons, oversees 30 organizations across consumer goods, resorts, cars and airlines and has become a worldwide giant over the years, with companies such as Jaguar Land Rover and Tetley Tea in its stable.

It has partnerships with Starbucks and Airbus in India, including Tata Consultancy Services, Taj Hotels, and Air India.

Tata Trusts has a 66 per cent equity of Tata Sons, giving it strength over great expense, philanthropic and corporate decisions by the company, organization executives said.

Noel Tata, who is half-French, was now one of the numerous governors of Tata Steel’s charitable arm and president of Trent, a well-known retail fashion brand for Tata.

Noel is well-versed in the operation of Tata organizations. In retail, some individuals thought how may Tata compete with the major retailers. Noel has shown it, according to Sanjay Singh, a former professional at Tata Sons who will retire in 2019.

He is classic Tata, despite keeping a low page to prevent the outside world from getting to know him.

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Sri Lanka approves controversial foreign debt deal

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The government and its diplomatic lenders reached a deal to restructure their official credit, which was worth US$ 6 billion, in June. Private collectors who own more than half of the world’s royal ties and other foreign commercial mortgages to the South Asian nation agreed to a 27 % loanContinue Reading

IMF sees gradual return to economic normalcy in Bangladesh

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WASHINGTON: The International Monetary Fund on Monday ( Sep 30 ) said Bangladesh’s quick formation of an interim government has helped stabilise the country, and that the country’s new authorities have helped address the economy even as challenges remain. The IMF owner’s assessment, following a Sep 24-30 team visit, evenContinue Reading

India’s gold market sparkles on increased demand, after cuts to import duty

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According to the World Gold Council, the budget changes may cause users in India to demand at least 50 kilograms more of the precious metal in the second quarter of this year.

India’s platinum use in 2024 is then projected to reach up to 850 kilograms.

According to the business agency’s India CEO, Sachin Jain,” we think the fourth of October, November, and December ( this year ) will probably be one of the most important use rooms that we will have witnessed in a very long time.”

Gold in India is currently trading at about 73, 000 rupees ( US$ 870 ) per 10 grams.

According to business executives, the price could have been as large as US$ 950 if not for the lower trade work.

WHICH LOWER IMPORT Revenue INDIA?

According to industry representatives, the government slashed the transfer duty on gold to achieve two goals: lowering the price to increase domestic demand and reducing sneaking activities by making it less attractive.

According to official data, gold smuggling has increased in India, with an intricate system of smugglers improperly bringing the material into the region via property, sea, and air routes.

In 2023 only, authorities seized more than 3, 900kg of metal in the highest number of cases in at least three years.

” Now, with the customs duty getting dropped to the current levels- and when you smuggle there is a cost, it does n’t come for free- I think the arbitrage reduces to a very small level, which would n’t be incentive enough”, said Jain. Arbitrage refers to the buy and sale of an asset at the same time in various markets in order to achieve a certain income.

Companies, too, said the tax decline is a move in the right direction.

” We are very pleased that they finally did this work split,” said Colin Shah, the leader and managing chairman of Kama Jewelry, an exporter and dealer based in the northern suburb of Andheri.” We are very pleased that they have done this duty cut,” Shah added.

However, concerns remain that golden prices was immediately jump on factors beyond India’s control, including political tensions, interest rate cuts from the Federal Reserve and the future US elections.

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Malaysia defends web traffic re-routing plan against online censorship concerns

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In a statement late on Saturday ( Sep 7 ), the Malaysian Communications and Multimedia Commission (MCMC) denied the measure was “draconian”, saying it was aimed at protecting vulnerable groups from malicious or harmful content, such as online gambling, pornography, copyright infringements, phishing or financial scams. ” DNS redirection ensuresContinue Reading

More foreign investors showing interest in Nusantara megaproject: Indonesia’s new investment minister

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BECOMING A MORE OPEN, Open State

He questioned whether Indonesia is maturing as a political world, arguing that this is development at hand. &nbsp,

” Moving forth, I think we are pretty convinced that Indonesia is becoming a more receptive state”, he noted. &nbsp,

” We are becoming a more ( democratic ) country, and also at the same time, we are becoming more transparent in a lot of things”.

During the meeting, Mr Rosan, who was an ambassador to the United States from 2021 to last year, said the ongoing conflicts between the US and China would have an effect on Indonesia’s business and investments. &nbsp,

” In Indonesia, we navigate this very carefully. We can see that this conflict may last a considerable amount of time. This is our view”, he said, adding that Indonesia never take sides. &nbsp,

” Based on our foreign policy, we would like to work with everybody … as long as it creates a mutual benefit for all of us and gives ( prosperity ) to all of us”.

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