For electric vehicle manufacturing in the global supply chain, Asia is widely seen as a major hub
Choco Up, a Hong Kong revenue-based financing and growth platform said that it has made an investment of US$600,000 into Cleva, an electric vehicle (EV) start-up focused on the public transport and commercial sectors across Asia.
Used for public transport, Cleva, founded in 2016, develops affordable EVs such as buses and vans. The start-up, which is also based in Hong Kong, offers vehicles for emergency and utility services such as ambulances, fire trucks, police cars, and sanitation trucks as well.
Choco Up’s investment allows Cleva to boost its marketing and research and development efforts within Asia and provide it with working capital.
“With the negative effects of climate change continuously looming over Asia and the world, we strive to support businesses that champion environmental and social responsibility”, said Percy Hung, co-founder and CEO of Choco Up.
For electric vehicle manufacturing in the global supply chain, Asia is widely seen as a major hub. Mature start-ups and companies in the region also produce essential components in EVs such as electric motors, batteries, and power chargers, Choco Up noted in a statement.
Domestic sales of EVs in the continent’s four biggest auto markets – China, India, Indonesia, and Japan are projected to see a 10x growth, rising from two million units today to 20 million units by 2030, according to a UBS Global Wealth Management report.
Another start-up poised to make the most of this growth is Oyika, a Singapore start-up that’s looking to raise US$100 million to accelerate electric vehicle adoption in Southeast Asia.
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