Volkswagen To Help Create EV Battery Ecosystem In Indonesia: Report

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  • 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.
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