Tesla Inc. TSLA and Nio Inc. NIO battery supplier China's CATL is planning to develop a “green” battery industry in Indonesia as it looks to tap Bali's huge nickel reserves despite environmental concerns.
What Happened: CATL will “help Indonesia” make “everything green” along Bali's planned battery supply chain, from nickel mining activities to battery production, Chinese billionaire entrepreneur and Chairperson of CATL Robin Zeng said at the Business 20 summit in Bali on Sunday, reported Nikkei Asia.
Zeng, in a speech, said how the two of CATL’s plants in China had been recognized by the World Economic Forum for their low carbon emission efforts. He also emphasized the Ningde plant, which is part of the WEF’s so-called Global Lighthouse Network – a community of leading manufacturers applying advanced technologies to drive sustainability.
“These are the only battery factories in the world being certified … by the WEF,” Zeng told participants.
Why It Matters: Comments from Zeng came amid China's zero-COVID policies that have forced big giants like Apple Inc. AAPL to look for alternative sources amid production disruption. The company's largest plant in China was recently operating a factory bubble as per government rules after the city where it is located was locked down to comply with COVID-19 curbs.
Meanwhile, the Indonesia Investment Authority announced that it would set up a green electric vehicle (EV) fund of at least $2 billion with CATL and CMB International, reported Reuters.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.