This South Asian Nation Eyes $320M Investment To Attract More EV Buyers – General Motors (NYSE:GM), Hyundai Motor (OTC:HYMTF)

  • Indonesia has considered allocating 5 trillion rupiah ($320.41 million) from next year’s budget to encourage the purchase of electric vehicles (EVs).
  • Industry Minister Agus Gumiwan Kartasasmita said last week that buyers of EVs manufactured by companies with factories in the country could get discounts of 80 million rupiah and other incentives for hybrids and electric motorcycles, according to Reuters. said.
  • The government plans to provide subsidies to sellers to cover costs.
  • The report quoted Airlangga Hartart, Indonesia’s chief economics minister, who said at a press conference that the authorities are considering discounts for each sale based on budget allocations.
  • The government is also considering subsidizing electric bus sales, he said.
  • The report further quoted President Joko Widodo, saying, “We hope these incentives will help the electric motorcycle and electric vehicle industry grow.”
  • Indonesia aims to make 20% of its total car sales EVs by 2025, Airlangga said.
  • Toyota Motor Corporation TMs, Mitsubishi Motors MMTOF MMTOYWhen Hyundai Motor Co., Ltd. HYMTFMore has announced plans to invest in EV manufacturing in Indonesia.
  • SGMW Motor Indonesiapart of a joint venture SAIC Motor Corp Ltd, general motors company GMWhen Wuling Automobile Holding Co., Ltd. WLMTFMorehas an EV assembly facility in Indonesia.
  • Indonesia also tried to deceive US companies Tesla Inc. TSLA Invest in the production of EV batteries and automobiles.
  • The report notes that Japanese brands now dominate sales in the world’s fourth most populous country, with Toyota the market leader.
  • Price action: TSLA shares traded 1.34% higher in the premarket at $139.63 on Wednesday’s final check.
  • photo via company

Source link

Leave a Reply

%d bloggers like this: