Indonesia says investment talks with Tesla still ongoing

JAKARTA (Reuters) – Negotiations between Indonesia and Tesla (TSLA.O) are still ongoing, a senior minister said on Thursday. in millions.

Luhut Pandjaitan, who has led negotiations with Tesla, declined to provide details, citing a non-disclosure agreement.

Bloomberg News also reported, citing people familiar with the matter, that discussions in Indonesia include plans for a production facility and plans to accelerate the company’s supply chain.

“I can’t comment. We’re still talking,” Luhut told Reuters, adding that he recently had another deal with Tesla.

Tesla did not respond to a request for comment.

Commenting on a tweet referring to the report on Wednesday, Chief Executive Elon Musk said, “Be careful when writing articles that cite ‘unnamed sources’ as they are often false. Please,” he tweeted.

Indonesia, the world’s fourth most populous country, has long pushed US companies to build facilities to produce electric vehicle (EV) batteries and electric vehicles. President Joko Widodo met with Musk last year to discuss a possible takeover.

Indonesia’s nickel ore can be processed for use in electric vehicle batteries, and the country plans to exploit its abundant nickel reserves to develop a downstream industry domestically after banning ore exports from 2020. enthusiastic about

Musk said last month that Tesla had nearly finalized the location of its new “Gigafactory,” following reports that it could announce a new factory in the northern state of Nuevo Leon as early as December. rice field.

Tesla currently manufactures electric vehicles in Shanghai, China, Berlin, Germany, and Austin and Fremont, USA.

Meanwhile, Indonesia has succeeded in attracting other automakers to invest in EV production.

Hyundai Motor (005380.KS) and SGMW Motor Indonesia are part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK) constructed the facility. in a country in Southeast Asia.

Indonesian authorities said Japan’s Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged to invest in EV production.

According to Indonesia’s Ministry of Investment, companies that have invested or expressed interest in making EV batteries include South Korea’s LG Energy Solution (373220.KS), China’s Contemporary Amperex Technology (300750.SZ) and Taiwan’s Foxconn. (2317.TW) and BASF of Germany. .

Jakarta will give incentives to buy electric vehicles this year to make them more affordable and boost sales, according to government officials.

Reporting by Bernadette Cristina Munthe Writing by Francisca Nungoi Editing by Ed Davis

Our standards: Thomson Reuters Trust Principles.

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