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Indonesia Confirms Hyundai EV Factory Project
Hyundai Motor Co. has secured a site outside Jakarta on which to build a factory to make electric cars, according to an Indonesian cabinet official.
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Hyundai Motor Co. has secured a site outside Jakarta on which to build a factory to make electric cars, according to an Indonesian cabinet official.
The project is part of an investment in Indonesia that could total $1 billion, local media reports. They cite the country’s coordinating minister for maritime affairs, who says he met on Friday with Hyundai Executive Vice Chairman Chung Euisun to finalize the deal.
But Hyundai tells The Korea Herald that no conclusions have been made about the scope of the project or the investment involved. Reuters reported in January that Hyundai was considering an EV factory as part of a broader $880 million investment in Indonesia.
The country’s so-called Industry 4.0 plan hopes to establish a domestic EV manufacturing sector with the help of tax breaks and investment-friendly government policies covering EV and battery producers.
Indonesia’s goal is to electrify 20% of the cars it produces by 2025.
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