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Gojek sets up joint venture to build two-wheel EV ecosystem

By Andreas Ismar

08:51, 19 November 2021

Gojek rider waiting for orders in Medan, Indonesia
Gojek rider waiting for orders in Medan, Indonesia - Photo: Shutterstock

Indonesia’s Gojek has established a joint venture with local coal and energy company TBS Energi Utama to develop the electric motorcycle ecosystem in the country as the ride-hailing firm seeks to reach carbon neutrality by 2030.

The new entity, called Electrum, will seek to manufacture electric two-wheelers, develop battery packaging technology, building battery swap infrastructure, and financing for electric vehicle (EV) ownership, the companies said in a joint statement.

Gojek said its network consists of over one million drivers, the majority of whom use motorcycles to navigate the small roads of Indonesia.


37,802.85 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

75.77 Price
-2.580% 1D Chg, %
Long position overnight fee -0.0165%
Short position overnight fee -0.0054%
Overnight fee time 22:00 (UTC)
Spread 0.040


0.61 Price
-0.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


2,036.29 Price
-0.400% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.30

Third largest motorcycle user globally

Indonesia is the third largest motorcycle market globally, though like many other emerging economies, they do not have the infrastructure to support such as charging  stations and battery swap places.

Non-existent local manufacturing also meant only the well-to-do can own EVs. Earlier this month, Gojek teamed up with Taiwanese battery swap and e-scooter firm Gogoro to start a pilot project in the country.

Read more: Gogoro teams up with Gojek for Indonesian e-scooter project

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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