Indonesia sees more multi-billion electric vehicles industry investments
Indonesia is currently on the receiving end of very handy foreign direct investments as the attraction of the country’s car industry grows rapidly, boosted by the government’s electric vehicles roadmap.
Investvine just reported that Japan’s Mitsubishi Motors will invest $667 million in Indonesia for the expansion of its existing production facilities with a focus on electric vehicles.
Just shortly after this news broke, it emerged that Japan’s leading car maker Toyota would plan to invest 27.1 trillion rupiah ($1.82 billion) in Indonesia in the next five years to produce various types of hybrid electric vehicles, Indonesia’s chief economics minister Airlangga Hartarto said on July 27.
The investment comes on top of the 14 trillion rupiah the Japanese company invested in Indonesia so far.
Nickel abound
The two companies are attracted by Indonesia’s aims to become a global hub for producing and exporting electric vehicles through processing its rich supplies of nickel laterite ore for use in lithium batteries, industry analysts said.
Another big investment pledge for Indonesia has come from South Korean steel giant Posco Holdings.
Posco agreed with its Indonesian partner Krakatau Steel to invest $3.5 billion to expand their production capacity in country, the companies said on July 28. Under the deal, the production capacity of their joint venture company Krakatau Posco would be increased to ten million tonnes per year for upstream and downstream products from currently three million tonnes.
Automotive steel production increase
The expansion will start next year and include the production of automotive steel for electric vehicles, Indonesia’s investment ministry said in a separate statement about the deal.
Posco is also involved in a $9.8-billion project to create an electric vehicle supply chain in Indonesia to make use of the country’s rich nickel reserves. That project is led by another South Korean company, LG Energy Solution.
Indonesia is currently on the receiving end of very handy foreign direct investments as the attraction of the country’s car industry grows rapidly, boosted by the government’s electric vehicles roadmap. Investvine just reported that Japan’s Mitsubishi Motors will invest $667 million in Indonesia for the expansion of its existing production facilities with a focus on electric vehicles. Just shortly after this news broke, it emerged that Japan’s leading car maker Toyota would plan to invest 27.1 trillion rupiah ($1.82 billion) in Indonesia in the next five years to produce various types of hybrid electric vehicles, Indonesia’s chief economics minister Airlangga...
Indonesia is currently on the receiving end of very handy foreign direct investments as the attraction of the country’s car industry grows rapidly, boosted by the government’s electric vehicles roadmap.
Investvine just reported that Japan’s Mitsubishi Motors will invest $667 million in Indonesia for the expansion of its existing production facilities with a focus on electric vehicles.
Just shortly after this news broke, it emerged that Japan’s leading car maker Toyota would plan to invest 27.1 trillion rupiah ($1.82 billion) in Indonesia in the next five years to produce various types of hybrid electric vehicles, Indonesia’s chief economics minister Airlangga Hartarto said on July 27.
The investment comes on top of the 14 trillion rupiah the Japanese company invested in Indonesia so far.
Nickel abound
The two companies are attracted by Indonesia’s aims to become a global hub for producing and exporting electric vehicles through processing its rich supplies of nickel laterite ore for use in lithium batteries, industry analysts said.
Another big investment pledge for Indonesia has come from South Korean steel giant Posco Holdings.
Posco agreed with its Indonesian partner Krakatau Steel to invest $3.5 billion to expand their production capacity in country, the companies said on July 28. Under the deal, the production capacity of their joint venture company Krakatau Posco would be increased to ten million tonnes per year for upstream and downstream products from currently three million tonnes.
Automotive steel production increase
The expansion will start next year and include the production of automotive steel for electric vehicles, Indonesia’s investment ministry said in a separate statement about the deal.
Posco is also involved in a $9.8-billion project to create an electric vehicle supply chain in Indonesia to make use of the country’s rich nickel reserves. That project is led by another South Korean company, LG Energy Solution.
