This Indonesia energy firm eyes $2 billion EV venture with Taiwan’s Foxconn

Indonesia’s PT Indika Energy is considering jointly investing $2 billion with Taiwan-based Foxconn on electric vehicle (EV) manufacturing, batteries, and energy storage, a top Indika executive said.
Indika, like many energy companies, has been diversifying its businesses beyond coal amid a global push to end use of fossil fuels. A partnership was established between Foxconn, Indika and three other entities earlier this year in a memorandum of understanding to collectively invest $8 billion in EV and battery manufacturing in Indonesia.
A feasibility study for the Foxconn-Indika venture should conclude by the fourth quarter of this year, at the latest, Indika’s group CEO, Azis Armand, said in an interview.
“The main interest is Indonesia’s large domestic market, which has a relatively low adoption rate … though we’re not ruling out export markets like Vietnam and China,” Azis said.