Volkswagen To Help Create EV Battery Ecosystem In Indonesia: Report

  • Volkswagen AG VWAGY is expected to build an electric vehicle (EV) battery ecosystem in Indonesia.
  • The automaker will also partner with Ford Motor Company FVALE S.A. VALE, and China's battery minerals producer Zhejiang Huayou Cobalt, reported Reuters.
  • The partnerships will include raw material supply and joint ventures.
  • "Indonesia is an important and interesting country in terms of raw materials and we are in a positive exchange with the government and suppliers," the report quoted the company.
  • Also ReadVolkswagen Not Keen On New Combustion Engine For Its Golf Car
  • Indonesia has become an attractive investment place for automakers due to its nickel reserves, an important component in EV battery production.
  • In March, Volkswagen said it is planning an $193 billion investment over five years in battery production and sourcing of raw materials.
  • Also ReadBMW Plans To Cut Battery Costs Via Recycling, Efficient Design
  • Price Action: VWAGY shares closed higher by 1.06% at $17.18 on Friday.
Market News and Data brought to you by Benzinga APIs
Posted In: NewsMediaGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!