Volkswagen To Help Create EV Battery Ecosystem In Indonesia: Report

Volkswagen AG (OTC:VWAGY) is expected to build an electric vehicle (EV) battery ecosystem in Indonesia.
The automaker will also partner with Ford Motor Company (NYSE:F), VALE S.A. (NYSE: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 Read: Volkswagen 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 Read: BMW Plans To Cut Battery Costs Via Recycling, Efficient Design
Price Action: VWAGY shares closed higher by 1.06% at $17.18 on Friday.

Benzinga