South Korea’s LGES, China’s CATL and partners plan to build comprehensive battery supply chains in Indonesia. It’s a well-timed boost for the wannabe production hub, says KatrinaHamlin
The government’s ultimate goals are far more ambitious. Jakarta wants to make some 140GW of batteries in 2030 – close to global output in 2020, according to the Center for Strategic and International Studies. That’s bold: policymakers’ plans hinge on selling two-thirds of those batteries in Indonesia itself, where they hope to have 2.2 million electric cars on the road by the end of the decade. Indonesians bought fewer than 1 million cars last year, almost all gas guzzlers.
For investors, more developed markets like China and the United States still overshadow opportunities in Southeast Asia. That may explain why shares in LG Energy Solutions and CATL hardly budged following news of their plans. Getting ahead of the pack in Indonesia, though, is still smart driving.
- Chinese battery maker CATL will work with Aneka Tambang and PT Industri Baterai Indonesia to invest a combined $6 billion in another electric-vehicle project spanning nickel mining and processing, battery manufacturing and recycling, the company announced on April 15.Editing by Antony Currie and Thomas ShumOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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