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Indonesia Finalizing EV Incentive Plan
Indonesia is completing policies to foster foreign investment in support of the government’s goal of electrifying 20% of domestically produced cars by 2025.
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Indonesia is completing policies to foster foreign investment in support of the government’s goal of electrifying 20% of domestically produced cars by 2025.
The plan includes tax breaks for local makers of electric cars and batteries to power them, Reuters reports. The government also seeks favorable tariff agreements with EV markets overseas.
The country hasn’t indicated which companies it is talking to. But Reuters reports that Hyundai Motor Co. plans to launch local EV production in Indonesia as part of a broader $880 million investment in the country.
Mitsubishi Motors Corp. said last summer it would help the government assess the needed infrastructure to support a sharp increase in EVs. Reuters says the country hopes to tap its reserves of nickel ore, a key ingredient in lithium-ion batteries.
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