Wednesday, 11 December 2019

Indonesia Bags Rp50tn EV Investment from Toyota, Hyundai

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Laila Afifa

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  • TEMPO.CO, Jakarta - Industry Minister Airlangga Hartanto said Indonesia has received an investment commitment worth Rp50 trillion for electric vehicles (EV) development. Two foreign manufacturers, Toyota and Hyundai, are planning to invest in and collaborate with Indonesia's EV industry for the next five years. 

    "This is only the beginning. I was informed that we also have investors for supporting components, such as batteries," Airlangga said during the 2019 Gaikindo Indonesia International Auto Show (GIIAS) in South Tangerang, Thursday, July 18.

    The minister said that Japanese automaker Toyota had signed an agreement to invest US$2 billion until 2025 for the financing of electric cars.

    The Indonesian government is preparing a number of operating regulations, with Vice President Jusuf Kalla targeting the rules to be passed by the end of 2019.    

    Indonesia is targeting to produce 1 million units of cars until 2025. Twenty percent of which are low-carbon cars and electric cars

    FRANCISCA CHRISTY ROSANA