Indonesian  Electric Vehicles Market

After being chosen by a joint venture of South Korea’s Hyundai and LG for the $1.1 billion factory, Indonesia is now looking to boost investment to give it an edge in the race to become a regional EV (Electric Vehicles) hub. Indonesia boasts the largest nickel reserves globally, along with iron, copper, and bauxite – critical components for battery production. However, the country still relies on imported processed nickel from the RoK and China due to a lack of related industries.

To stimulate the domestic EV market, the Indonesian government has introduced several incentives, including tax exemptions to boost sales amidst competition with imported electric vehicles.