Indonesia minister: BYD Group and Tesla to open plants

Robert Besser
22 Jan 2023, 02:30 GMT+10

Indonesian coordinating minister Luhut Pandjaitan said the government is finalizing agreements with China's automaker BYD and US carmaker Tesla to invest in electric vehicle production facilities
Indonesia aims to attract investment in batteries and EVs by leveraging its rich nickel resources
Once a major nickel ore exporter, Indonesia has banned exports to ensure supplies of raw materials for investors

JAKARTA, Indonesia: Indonesian coordinating minister Luhut Pandjaitan has said that the government is finalizing agreements with China's automaker BYD and US carmaker Tesla to invest in electric vehicle production facilities in the Southeast Asian country.

Indonesia aims to attract investment in batteries and EVs by leveraging its rich nickel resources. Once a major nickel ore exporter, Indonesia has banned exports to ensure supplies of raw materials for investors.

During a meeting with provincial governments, Pandjaitan said, "All the biggest electric car makers in the world will invest here. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalizing deals with Indonesia."

In March 2022, South Korean carmaker Hyundai opened its plant in Indonesia, which produces the country's first locally assembled EVs.

SGMW Motor Indonesia, part of a joint venture of SAIC Motor, General Motors and Wuling Motors, also build auto assembly facilities in Indonesia.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nepal National.

More Information

12 ℃

Partly Cloudy in Kathmandu

Business

Section

Officials hopeful as UK new car sales rise 14 percent in January

LONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...

Big jump in sales for Foxconn as China ends Covid restrictions

TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...

U.S. stocks get boost from Fed chair, Nasdaq surges 226 points

NEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...

Media reports US to sue Amazon claiming antitrust violations

NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...

Blaming cost of manufacturing, Nestle to raise prices for second year

VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...

Fed fails to cool economy as US sees 517,000 jobs created in January

WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...

Southeast Asia

Section