• Submits Letter of Intent (LOI) via Minister of International Industry and Trade to invest in digitalizing and strengthening Nusantara’s automotive ecosystem

• Establishes preliminary discussions with Electrum, Indonesia’s leading EV company to explore collaboration on sustainable mobility solutions

Kuala Lumpur, 10 January 2023 – Southeast Asia’s largest integrated car e-commerce platform, CARSOME (“the Company”) is bolstering its Indonesian operations and has committed to investing in expanding its business in the nation’s planned Nusantara capital. 

It is also joining forces with Indonesia-based Electrum to contribute to the future of Indonesian mobility by encouraging the adoption of sustainable mobility solutions as the nation ramps up towards meeting its energy transition goals. Electrum is a joint venture between TBS and Gojek with a mission to develop and transform the two-wheeled electric vehicle ecosystem in Indonesia. 

In conjunction with CARSOME’s participation in the Malaysian Prime Minister’s working visit to Jakarta, on Sunday, CARSOME’s Co-founder and Group CEO Eric Cheng submitted a Letter of Intent (“LOI”) to the Minister of International Trade and Industry YB Tengku Datuk Seri Utama Zafrul Abdul Aziz citing the company’s interest to set up operations in Nusantara and to invest in digitalizing its automotive industry. The ceremony was witnessed by the Prime Minister YAB Dato’ Seri Anwar Ibrahim, who was accompanied by Foreign Minister YB Dato’ Seri Diraja Dr. Zambry Abd Kadir, Indonesia’s Foreign Minister Retno Werdiningsih, and Indonesia’s Public Works and Housing Minister Basuki Hadimuljono. 

CARSOME’s LOI was subsequently handed by Malaysia’s Minister of International Trade and Industry to Bambang Susantono, Chairman of the Nusantara Capital City Authority in the presence of the Malaysian Prime Minister and the President of Indonesia, Joko Widodo at the Bogor Presidential Palace on Monday.

In a separate development during the Jakarta visit, CARSOME announced its collaboration with Electrum to further accelerate two-wheeler EV adoption in response to growing local demand for sustainable and economical transportation. Electrum, a joint venture between Gojek and TBS Energi Utama was established in 2021 and aims to drive Indonesia to emerge as a leader in the global EV industry.

Commenting on both milestones, Cheng said, “CARSOME thanks the Malaysian Government for the opportunity to be amongst front-runners to invest in the growth of Indonesia’s future capital city, Nusantara. We’re well-placed to contribute towards strengthening Nusantara’s automotive ecosystem through digitalisation and to drive talent development and job creation with the establishment of new centers in the capital,” he said. 

“Our partnership with Electrum will be game-changing. Together, we are exploring options to encourage two-wheeler EV adoption as demand grows for more economical and sustainable mobility solutions to power the nation’s economic growth. As the leading car e-commerce platform with significant operations in Indonesia and the South East Asia region, we will be able to complement Electrum’s growth aspirations to drive EV adoption in Indonesia,” he said.

“This partnership also signals a new era in CARSOME’s journey to mature our plans and support the anticipated growth in EV adoption across the region,” Cheng added.

“CARSOME has been present in Indonesia since 2017 and we are committed to taking meaningful actions that support and contribute towards the nation’s socio-economic development needs,” he said.

At present, CARSOME operates 42 retail centers in Jabodetabek, West Java, and East Java. It launched Indonesia’s first CARSOME Certified Lab in August 2022 which is the largest across its four markets of operation. In June 2022, CARSOME Academy, CARSOME’s automotive technical institute, was launched in Jakarta to further increase skilled workforce in the automotive industry.

Other strategic alliances in Indonesia include acquisitions of iCar Asia, Southeast Asia’s largest online auto classified platform which operates Mobil123 in Indonesia; equity share acquisition of PT Universal Collection, Jakarta-based car and motorcycle auction service company with subsidiaries across Indonesia.

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