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Reading: Indonesian Government taps Geely to produce homegrown EV by 2026 as a local brand, senior minister reveals
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EV-a2z > News > Indonesian Government taps Geely to produce homegrown EV by 2026 as a local brand, senior minister reveals
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Indonesian Government taps Geely to produce homegrown EV by 2026 as a local brand, senior minister reveals

EV-a2zm
Last updated: 2023/09/18 at 1:58 PM
EV-a2zm Published September 16, 2023 3 Min Read
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The government of Indonesia reportedly had a business proposal to Chinese automotive giant Geely. Minister Luhut Pandjaitan shared that the country is seeking the foreign automaker’s help in producing a homegrown electric vehicle model by 2025 or 2026, Reuters reports.

Contents
Offer detailsIndonesia’s EV pushInvestments

Luhut Bujuk Geely Bikin Mobil Listrik Lokal di Indonesia

Menteri Koordinator Kemaritiman dan Investasi Luhut Binsar Pandjaitan membujuk Geely Automobile Holding Ltd., produsen otomotif asal China, untuk memproduksi mobil listrik lokal di Indonesia. pic.twitter.com/1kW8RFMEID

— Bisnis.com (@Bisniscom) September 14, 2023

Offer details

Minister Pandjaitan revealed in a seminar that he asked Geely to establish a domestic EV production in the country as an Indonesian brand by 2025 or 2026. 

Interestingly, the minister supervising the country’s natural resources and investment regulations confirmed Geely’s positive response.

“I have offered Geely, do you want to make cars in Indonesia, but be an Indonesian brand and do the research in Indonesia? They said yes.”

Minister Luhut Pandjaitan

According to the report, Indonesia would supply Geely with crucial minerals like nickel ore to manufacture the power batteries locally. In return, the country must lead the research for the technology.

Indonesia’s EV push

The Indonesian Government has intensified its electrification strategies to attract more foreign investments in its EV industry. 

It leverages the country’s abundant nickel reserves, which are critical minerals for EV battery production.

The government also announced subsidy programs for EVs, including the seven million rupiahs for 250,000 electric motorcycles/scooters. However, the subsidies for e-cars and e-buses are yet to be disclosed.

It also reduced taxes for EVs from 11% to just 1% in April 2023 for models with at least 40% local content. Hyundai’s popular IONIQ 5 is among the EVs qualified for the tax credit.

Investments

Market leaders like Tesla and BYD gained considerable interest in investing in the country owing to the government’s support for the industry. However, their potential investments have yet to materialize.

Vietnamese electric automaker VinFast also announced a $1.2 billion investment in the country on Monday, with plans to open a local factory by 2026.

VinFast Auto Ltd. will expand into several new markets, including Indonesia, where the Vietnamese electric vehicle (EV) maker will establish a plant by 2026. https://t.co/KqSTRlijNN pic.twitter.com/ko9gyN17LM

— Investopedia (@Investopedia) September 13, 2023

In August, Chinese Hozon New Energy Automobile and Japanese Mitsubishi Motors also confirmed plans to invest in domestic production in the country.

China's Hozon to start manufacturing Neta EVs in Indonesia

Chinese electric vehicle maker Hozon Auto said that it plans to start selling its Neta-branded EVs in Indonesia from the fourth quarter of the year, as it expands its business in Southeast Asia.https://t.co/Oe6CPsFv6m pic.twitter.com/4WxQuIh4D2

— Phoenix International Indonesia (@PhoenixInterna3) August 11, 2023

See Also:

  • Indonesia to launch new set of incentives for electric automakers, organizes a meeting with Tesla and BYD
  • Tesla, BYD to invest in EV production plants in Indonesia
  • Hyundai Motor dominates the Indonesian EV market in Jan-July 2023
  • Tesla to invest “quite big” in an Indonesian battery factory
  • Indonesian government imposes price ceilings for EV charging

Indonesia has the largest economy in the Southeast Asian region. That said, automakers investing in the country can tap into this large customer pool. It is also home to the biggest nickel reserves in the world at 21 million metric tons.

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TAGGED: Electric Vehicle, EV, Geely, Indonesia
EV-a2zm September 18, 2023 September 18, 2023
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