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The Indonesian ministry announced Wednesday that the Japanese car maker, Toyota Motor Corporation ADR (NYSE:TM) plans to invest 27.1 trillion rupiah ($1.8 Billion) into the country over the next 5 years to produce electric vehicles. Indonesia intends to use the country’s rich supplies of nickel laterite ore to produce lithium batteries and become a global hub for producing and exporting electric vehicles.
Indonesia’s chief economics minister Airlangga Hartarto said in a statement Toyota had invested 14 trillion rupiah in the country since 2019.
“I believe demand for EVs whether its four-wheels or two-wheels will keep increasing in Indonesia and ASEAN,” Airlangga said after meeting Toyota’s Vice Chairman Shigeru Hayakawa a day earlier in Tokyo.
The nation has also set a target of having 13 million electric motorcycles – including converted ones – and 2.2 million electric cars on its roads by 2030.
“We hope with this additional investment, Indonesia’s government understands our seriousness to invest in EVs,” Toyota’s Hayawaka was quoting as saying in the statement.
Toyota joins other global companies announcing big investments in this area including Hyundai Motor Group, Mitsubishi, and LG Energy Solutions.
