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Indonesia close to EV deals with BYD Group and Tesla - minister

JAKARTA (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (NASDAQ:TSLA) to invest in electric vehicle (EV) production...
Indonesia close to EV deals with BYD Group and Tesla - minister © Reuters. Indonesia's Coordinating Minister of Maritime Affairs and Investment Luhut Pandjaitan, talks during an interview at his office in Jakarta, Indonesia, October 24, 2022. REUTERS/Zahra Matarani
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JAKARTA (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (NASDAQ:TSLA) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday.

Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. Once a major nickel ore exporter, it has banned exports to ensure enough raw materials for investors.

"All the biggest (electric) car makers in the world will invest here. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalising deals with Indonesia," coordinating minister Luhut Pandjaitan said in a meeting with provincial governments.

He did not disclose further details at the meeting.

BYD Group and Tesla did not immediately respond to requests for comment.

South Korean carmaker Hyundai launched its plant in Indonesia in March last year to produce the country's first locally assembled EV.

SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co (NYSE:GM) and Wuling Motors Holdings, has built assembly facilities in Indonesia.

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EUR/USD

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    EUR/USD 1.0847 ↑ Sell  
    GBP/USD 1.2675 Neutral  
    USD/JPY 150.49 Buy  
    AUD/USD 0.6514 ↑ Sell  
    USD/CAD 1.3569 ↑ Sell  
    EUR/JPY 163.23 Sell  
    EUR/CHF 0.9599 Buy  
    Gold 2,100.05 ↑ Buy  
    Silver 23.582 ↑ Buy  
    Copper 3.8657 ↑ Sell  
    Crude Oil WTI 80.20 ↑ Buy  
    Brent Oil 83.86 ↑ Buy  
    Natural Gas 1.965 Neutral  
    US Coffee C 186.25 Buy  
    Euro Stoxx 50 4,907.35 ↑ Sell  
    S&P 500 5,137.08 ↑ Buy  
    DAX 17,708.15 ↑ Sell  
    FTSE 100 7,629.09 ↑ Sell  
    Hang Seng 16,595.97 ↑ Buy  
    Small Cap 2000 2,076.39 ↑ Buy  
    IBEX 35 10,051.48 ↑ Sell  
    BASF 46.905 Neutral  
    Bayer 28.23 Neutral  
    Allianz 251.50 ↑ Sell  
    Adidas 185.89 ↑ Sell  
    Lufthansa 7.053 ↑ Sell  
    Siemens AG 181.64 ↑ Sell  
    Deutsche Bank AG 12.550 ↑ Buy  
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