Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Indonesian Officials Announce Tesla Agreement to Build Battery and EV Factory

Published 20/05/2022, 22:06
Updated 20/05/2022, 22:06
© Reuters

© Reuters

By Michael Elkins

Local news reports suggest Tesla (NASDAQ:TSLA) has agreed to build a battery and electric vehicle factory in Indonesia. The company had been in talks with officials as far back as 2020 about their natural supply of nickel, a crucial material used in making batteries for the vehicles. However, the country’s investment minister, Bahlil Lahadalia, said Thursday that the U.S. electric vehicle manufacturer has agreed to build a battery and electric vehicle plant at an industrial complex in Central Java province.

Minister Lahadalia did not give specifics, but hinted that the project might begin this year.

“God willing, Tesla will enter Indonesia this year,” Bahlil told a discussion in Jakarta.

“But I can’t announce the month yet. Let’s wait, because we haven’t signed an agreement yet. How much investment is still being kept secret, still waiting. But this is good stuff, big stuff,” he said

Tesla CEO, Elon Musk, for his part, said he was “fired up” by Indonesia’s enthusiasm.

“We’re going to look closely from the Tesla and SpaceX standpoint to try to do some partnerships in Indonesia,” he said in a video. “And, like I said, I think the future of Indonesia is very bright. I think we were looking closely to a potential collaboration on many, many fronts”.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.