Ford, Hyundai discussing EV investments with Indonesia: Indonesian official

Hyundai Motor headquarters in Seoul. The company is now expanding into Indonesia. Photo: AFP/Jung Yeon-je. Sketched by the Pan Pacific Agency.

DETROIT, Oct 24, 2022, Reuters. Indonesia is in discussions with Ford Motor Co(F.N) and Hyundai Motor Co(005380.KS) to establish operations related to electric vehicles in the Southeast Asian country, Indonesia Coordinating Minister for Economic Affairs, Airlangga Hartarto, told an audience in Washington, D.C. on Thursday, Reuters reported.

Ford, nickel miner Vale Indonesia and China’s Zhejiang Huayou Cobalt said in July they had signed a non-binding memorandum of cooperation to build a plant in Indonesia to extract nickel chemicals.

Hartarto said Indonesia also is in discussions with Hyundai and South Korean battery maker LG Energy Solution over battery and EV investments.

“We have raw materials for EV battery technologies,” Hartarto told an audience at the Center for Strategic and International Studies. Indonesia’s large supplies of nickel, as well as semiconductor production capacity, “can support the U.S. auto industry,” he said.

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