RI will not depend on one brand for EV investment: President

Jakarta, July 27 (ANTARA) - President Joko Widodo (Jokowi) has emphasized that Indonesia will not depend on one specific brand for electric car investment in Indonesia.

He made the statement in response to lack of clarity from Tesla CEO, American investor Elon Musk, regarding the establishment of a Tesla electric vehicle (EV) factory in Indonesia.

"We do not depend on one or two brands," Widodo said on the sidelines of a working visit to Batang, Central Java, on Friday.

According to him, South Korea's Hyundai has started producing electric cars in Indonesia.

There is also existing investment in an electric battery factory in Karawang, West Java, he noted.

"As I said earlier, there will be a cathode and anode factory, strengthening our EV batteries industry. Once we have the EV battery, it will be easier to enter the vehicle industry because 40–50 percent of the car's components are in the electric battery," he said.

Besides Hyundai, other manufacturers have also entered Indonesia, namely Wuling, BYD, VinFast, and Chery, he informed.

"We must be optimistic that the development of the downstream industry from upstream to downstream can be carried out properly, efficiently, at competitive prices; I think investors will come to us. We must be optimistic," he added.

Earlier, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Panjaitan, informed that Tesla will not be building a factory anywhere in the next year or two.

He said that Indonesia will try to offer investment opportunities related to nickel downstreaming to Musk.

During his visit to Batang, the president inaugurated the operation of the Batang Integrated Industrial Estate, which is expected to accommodate industries and factories as well as open up employment opportunities.

The Batang Integrated Industrial Estate has been envisaged as an efficient industrial estate that attracts investors and opens many job opportunities.