- Volkswagen AG VWAGY aims to build an electric vehicle (EV) battery ecosystem in Indonesia.
- The automaker will also partner with Ford Motor Company f, VALE SA VALLEYand China’s battery minerals maker Zhejiang Huayou Cobalt, reported Reuters.
- The partnerships include raw material supplies and joint ventures.
- “Indonesia is an important and interesting resource country and we are in a positive exchange with the government and suppliers,” the company is quoted as saying in the report.
- also read: Volkswagen does not want a new combustion engine for its Golf
- Indonesia has become an attractive investment destination for automakers due to its nickel reserves, a key component in electric vehicle battery production.
- In March, Volkswagen said it was plans an investment of 193 billion US dollars over five years in battery production and raw material sourcing.
- also read: BMW plans to reduce battery costs through recycling and efficient design
- price action: VWAGY shares closed up 1.06% at $17.18 on Friday.
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