invest in Indonesia for EV project

Taiwan based Foxconn plan to invest in Indonesia for EV manufacturing,batteries and energy storage.The investment will be join between Foxconn, PT Indika Energy (Tbk) and 2 other entities earlier this year in a memorandum of understanding to collectively invest US$8 billion in EV and battery manufacturing in Indonesia.

Hon Hai Precision Industry Co Ltd (Foxconn) also cooperates with PT Industri Baterai Indonesia (IBC) and Gogoro Inc to develop a comprehensive electric vehicle ecosystem in Indonesia. The giant project ranges from manufacturing electric batteries, including battery cells and battery modules, and industrial development of four-wheeled electric vehicles, two-wheeled electric vehicles, and electric buses.

The scope of cooperation also includes the development of EV supporting industries, consisting of energy storage systems (ESS), battery exchange/swap stations, battery recycling, and research and development (R&D) in the battery and EV fields. With a total investment of US$8 billion, the industry will generate a total market capitalization of more than US$100 billion in Indonesia by 2030.

The electric vehicle market in Indonesia is very potential, both in terms of volume and value. The government targets the population of electric cars to reach 2 million units and electric motorcycles to 13 million units by 2030. To encourage the development of the electric vehicle industry, electric vehicle manufacturers can take advantage of various incentives from the government. The incentives include tax holidays, mini tax holidays, tax allowances, exemption from import duties, government-borne import duties, and super tax deductions for research and development activities.

 

Source: katadata.co.id


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