- Tesla Inc TSLAChinese automaker BYD Co.,Ltd BYDDF BYDDYand South Korea’s Hyundai Motor Co.,Ltd HYMTF completed deals to invest in Indonesia electric vehicle industry.
- “All the leading global automakers are coming to us,” Luhut Panjaitan, coordinating minister for maritime affairs and investment, told Bloomberg at a meeting with local government leaders reports.
- Global EV and battery manufacturers are planning billions of dollars in investments as President Joko Widodo offered potential investors access to Indonesia’s reserves of key battery metals. The investors ranged from Contemporary Amperex Technology Co Ltd $6 billion mining-to-battery complex for Hyundai’s new EV plant.
- According to Panjaitan’s recent presentation, Indonesia expects to invest US$30 billion by 2026 to develop its electric vehicle battery ecosystem.
- The government is providing up to 80 million rupiah (US$5,271) in subsidies for every EV purchase to encourage adoption.
- The cabinet has made a decision on EV matters and will make an announcement soon, Panjaitan said.
- Indonesia aggressively encouraged domestic investment in batteries and electric vehicles to exploit its rich nickel resources, Reuters reports.
- Once a major exporter of nickel ore, Indonesia banned exports to leave enough raw materials for investors.
- Tesla was about to close an initial deal to set up a factory in Indonesia Tesla’s third international factoryJoining plants in Shanghai and a plant near Berlin.
- Indonesia is a tough market for global automakers as affordable cars make up the majority of sales.
- Price promotion: TSLA shares were trading up 0.47% to $122.98 premarket on the latest check Tuesday.
- Photo via company
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