Toyota plans $1.8 bn investment to build electric vehicles in Indonesia

Japanese carmaker Toyota Motor Corp plans to invest 27.1 trillion rupiah ($1.80 billion) in Indonesia in the next five years to produce electric vehicles (EVs), Indonesia’s economics ministry said on Wednesday.

The Southeast Asian country aims to become a global hub for producing and exporting EVs through processing its rich supplies of nickel laterite ore for use in lithium batteries.