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Toyota to Spend $2 Billion on Electrification in Indonesia
Toyota Motor Corp. will invest 28.3 trillion rupiah ($2 billion) over the next four years to electrify its fleet in Indonesia, according to the country’s ministry for maritime affairs.
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Toyota Motor Corp. will invest 28.3 trillion rupiah ($2 billion) over the next four years to electrify its fleet in Indonesia, according to the country’s ministry for maritime affairs.
The company adds that it will ramp up its efforts in step with the government’s electrification plan, which begins with hybrid powertrains. Indonesia is southeast Asia’s largest economy and second-largest vehicle production center.
Indonesia also wants to become a regional hub for EV battery and vehicle production. Reuters notes that the country has rich supplies of nickel laterite ore, a source of nickel for lithium-ion batteries.
Earlier this year the Indonesian government announced plans to offer incentives to domestic makers of batteries and electrified vehicles. Reuters says the country also is arranging favorable tariffs with countries where EV markets are growing.
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