Indonesia close to EV deals with BYD Group and Tesla

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.