According to an article published by Databoks, an economic and business statistical data portal, ASEAN countries received Foreign Direct Investment (FDI) in the electric vehicle industry to the tune of USD 25.57-billion from 2019 to 2022. This was reported by the ASEAN Secretariat in the ASEAN Investment Report released in September 2022.
“Despite the pandemic, automotive industry investors in ASEAN remain active, especially in the electric vehicle supply chain. Investment activities range from nickel mining and smelting , battery and electric vehicle production , as well as research and development of new infrastructure,” the report said.
During the 2019-2022 period, a total of USD 17.8-billion was invested in Indonesia’s EV industry, the most in ASEAN, followed by Thailand, Malaysia, the Philippines, and Singapore.
“Strong investment in the electric vehicle supply chain is expected to continue, given that most ASEAN member countries support the development of competitive ecosystems and markets, encourage adoption of electric vehicles, and target zero-carbon policies,” the ASEAN Secretariat said in its report.
The following are the details of FDI for the electric vehicle industry in ASEAN for the 2019-2022 period in order of the the total investment value, as posted by Databoks:
- Foxconn (Taiwan): USD 8-billion
- CATL (China): USD 5.2-billion
- Toyota Motor (Japan): USD 2-billion
- Hyundai Motor (South Korea): USD 1.5-billion
- Hyundai Motor & LG Chem (South Korea): USD 1.1-billion
- Foxconn (Taiwan): USD 2-billion
- Evlomo (United States): USD 1.06-billion
- Ford (United States): USD 900-million
- SAIC (China): USD 857-million
- Mitsubishi Motors (Japan): USD 819-million
- Toyota Motor (Japan): USD 741-million
- Nissan (Japan): USD 367-million
- Honda Motor (Japan): USD 136-million
- Statutory Reserves (China): USD 71-million
- FOMM (Japan): USD 1-million
- Mercedes-Benz (Germany): USD 20-million
- BMW (Germany): USD 16-million
- Energy Efficiency Services (India): USD 5-million
- SK Group (South Korea): USD 553-million
- Toyota Motor (Japan): USD 65-million
- EN Plus (South Korea): USD 101-million
- Kymco (China): USD 30-million