Tesla, BYD team up to invest in this country's electric-vehicle industry

US auto giant Tesla has partnered with Chinese automaker BYD and South Korea's Hyundai Motor Co to finalize a deal to invest in Indonesia’s electric-vehicle industry, a senior minister informed Bloomberg, saying that many top global carmakers are coming to the country to invest in battery-powered mobility. “BYD, Tesla, Hyundai and others are all finalizing deals with Indonesia," said Luhut Panjaitan, coordinating minister for maritime affairs and investment.

By: HT Auto Desk
| Updated on: 18 Jan 2023, 13:12 PM
Follow us on:
Follow us on:
File photo of Tesla logo (AFP)
File photo of Tesla logo (AFP)
File photo of Tesla logo (AFP)
File photo of Tesla logo

President Joko Widodo has set out a vision of building out an end-to-end electric-vehicle supply chain onshore by offering potential investors access to Indonesia’s reserves of key battery metals as well as its more than 270 million consumers. Now this plan has started taking shape as global EV and battery producers plan billions of dollars of investment, from Contemporary Amperex Technology Co. Ltd.'s $6 billion mining-to-batteries complex to Hyundai's new EV plant.

Also Read : China-based BYD threatens to dethrone Tesla as world's largest EV maker

Indonesia, which is Southeast Asia's largest economy, expects $30 billion of investments through 2026 to develop its EV battery ecosystem, according to a Tuesday presentation by Panjaitan. The government is also planning to give as much as 80 million rupiah or $5,271 of subsidy for each EV purchase to boost adoption of battery-powered vehicles. “The cabinet has reached a decision on EV matters and will make an announcement soon," Panjaitan said.

Similar Products

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
Electric | Automatic
₹70 Lakhs - 1 Cr* *Expected Price
View Details
Tesla Model 3 (HT Auto photo)
UPCOMING
Electric | Automatic
₹70 - 90 Lakhs* *Expected Price
View Details
Mercedes-benz V-class (HT Auto photo)
1950 cc | Diesel | Automatic (Torque Converter) | 16.67 kmpl
₹71.1 Lakhs - 1.46 Cr* **Ex-showroom price
Add to compare
Check latest offers
Mercedes-benz E-class-all-terrain (HT Auto photo)
DISCONTINUED
1950 cc | Diesel | Automatic | 12.06 kmpl
₹75 - 77.25 Lakhs***Last recorded price
Add to compare
View Details
Bmw X5 (HT Auto photo)
2993 cc | Diesel | Automatic (Torque Converter) | 13.38 kmpl
₹75.5 - 90.9 Lakhs***Ex-showroom price
Add to compare
Check latest offers

In a separate development, Tesla has taken the price cut strategy to retain its dominance in the global electric car market, which is witnessing the rise of several automakers with their respective products. Wall Street estimates that in 2022 alone, Tesla has slashed the pricing of its electric vehicles by as much as 20 per cent in a bid to retain its supremacy in the zero-emission car market. Interestingly, this move marks a 180-degree turnaround from the Ev maker's strategy over the last two years when the new vehicle orders exceeded supply.

First Published Date: 18 Jan 2023, 12:54 PM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing
Rs. 269 Rs. 604
73% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 349 Rs. 1,299
19% OFF
Involve Your Senses One Musk Organic Car Perfume Bar, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g Car Accessories interior car perfumes and fresheners
Rs. 324 Rs. 399
65% OFF
ELV Car Mount Adjustable Car Phone Holder Universal Long Arm, Windshield for Smartphones - Black
Rs. 348 Rs. 999
12% OFF
Jopasu Car Duster
Rs. 765 Rs. 869
9% OFF
ShineXPro Microfiber Car Cleaning Cloth - OG Soft 500 GSM Extra Large (35x75 CM) Microfiber Cloth for Car and Bike - Suede Edging for Scratchless Drying and Detailing (Pack of 2)
Rs. 499 Rs. 549
11% OFF
Pidilite WD-40, Multipurpose Car care Spray, 420ml Rust Remover, Lubricant, Stain Remover, Powerful Chimney Cleaner, Degreaser, and Bike Chain Cleaner & Chain Lube (341g)
Rs. 335 Rs. 375
68% OFF
ORJILO Super Soft Microfiber Car Duster Exterior with Extendable Handle, Car Brush Duster for Car Cleaning Dusting - Grey
Rs. 319 Rs. 999
62% OFF
Portronics AUTO 12 in-Car Bluetooth Receiver for Handsfree Calling, Music System, Supports All Smartphones (Black)
Rs. 564 Rs. 1,499
61% OFF
HSR Car Accessories in 10PCS/1Set Car Wiper Detergent Effervescent Tablets Washer Auto Windshield Cleaner Glass Wash Cleaning Tablets
Rs. 197 Rs. 499

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city