Indonesia receives investment proposal from Tesla: official By Reuters

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen in Bern

SINGAPORE (Reuters) – Indonesia has received an investment proposal from U.S. electric vehicle (EV) maker Tesla (NASDAQ:), the country’s deputy head for investment and mining coordination, Septian Hario Seto, told reporters on Friday.

Indonesia is the world’s biggest nickel producer, a material crucial for EV batteries, and has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans.

“I received their proposal yesterday morning… next week we will meet them (virtually) to get an official explanation,” Septian said.

Septian said he could not give details of the proposal due to a non-disclosure agreement, but said that the focus of their discussions had been on batteries and energy storage solutions.

“If they only want to buy raw materials, we are not interested. This (proposal) is beyond just taking the raw material,” he added.

Once the top exporter of nickel, Indonesia stopped nickel shipments last year, in an effort to develop a full nickel supply chain, starting from extraction, then processing into metals and chemicals used in batteries, to meet the demand for electric vehicles (EVs).

Tesla said last year it was looking to find reliable sources of nickel globally after warning the current cost of batteries remained a hurdle to its growth.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.