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Tesla chooses Indonesia over India

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Tesla CEO Elon Musk plans to set up a new production center in Indonesia after India was hesitant and indecisive about the move.

In addition, Elon Musk plans to meet Indonesian President Joko Widodo to finalize Tesla’s new production hub in Asia. Indonesia being one of the largest nickel producers in the region makes it more attractive for the electric vehicle production hub. Nickel is essential for metal batteries and more recently Indonesia seems to be attracting investors in this regard.

Indonesia attracts investors from all over the world

In addition, the Indonesian government is also promoting the goals of electric vehicles in the country through its favorable policies for the electric automobile industry. This has attracted manufacturers and investors to the country as they have committed billions of dollars to the industry.

Similarly, LG Energy Solution, along with other companies, has begun investing over $9 billion in the initiative and primarily in setting up the supply chain. In addition to this, Hyundai Motor Company has also pledged to develop a battery factory to strengthen the electric vehicle industry in the country.

Moreover, the world’s largest power supply company, Amperex Technology, has also shown its appeal for the growing demand for electric vehicles in the region. The company has pledged a $6 billion investment in a battery project with state-owned companies PT Aneka Tambang Tbk and PT Industri Battery Indonesia.

Moreover, China is also ready to invest in nickel projects in Indonesia. Chinese company Zhejiang Huayou Cobalt Co. and PT Vale Indonesia Tbk have announced that they are working on the fifth nickel battery project in the country.

Read more: Unstoppable! Tesla recalls 54,000 vehicles

Indonesia being the largest economy in Southeast Asia, it has largely attracted investors thanks to its raw material reserves. Similarly, Tesla also realized the importance of the country in the region and having established major manufacturing hubs in China and Germany, Indonesia would surely prove to be a big venture for the company.

Sources

1/ https://Google.com/

2/ https://www.globalvillagespace.com/tesla-chooses-indonesia-over-india/

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