Indonesia plans EV incentives for foreign automakers
Indonesia is finalizing a new electric vehicle policy that will offer incentives to foreign automakers.
The target is for 20% of all cars produced in Indonesia to be electric vehicles by 2025 said deputy industry minister, as it ramps up efforts to become a lithium battery hub.
Indonesia has plentiful reserves of nickel laterite ore, a vital ingredient in the lithium ion batteries used to power EVs and is second-largest car production hub in Southeast Asia after Thailand.
Plans introduces a fiscal scheme that will offer tax cuts to EV battery producers and automakers, as well as preferential tariff agreements with other countries that have a high EV demand.
"We are encouraging companies and investors in Japan, China and Korea, and internationally in general to get into the electric vehicle business in Inodnesia at all levels" said the deputy minister to journalists.