With $37M seed round, Maka Motors begins EV pilot on Indonesia’s streets

A recent report said that Indonesia’s electric vehicle (EV) market is projected to reach $20 billion by 2029, up from $533 million in 2022. Moreover, as much as half of the overall motorbike market in Southeast Asia could be replaced by electric two-wheelers by 2030, McKinsey associate partner Rahul Gupta said at the G20 summit last year.
Today, an Indonesian electric vehicle maker called Maka Motors said it has raised a $37.6 million seed round, one of Southeast Asia’s biggest seed fundings, to mass produce its two-wheeled EVs, aiming for late 2024. Maka will start deploying its f

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