Ridha Wirakusumah, chief executive officer of the Indonesia Investment Authority (INA), announced at a business conference at the G20 summit that government is set to establish a green electric vehicles (EV) fund of no less than $2,000 million with China’s battery makers CATL and CMB International.
“With CATL and CMB International as the main partners, we are looking for limited partners to invest in the green EV fund, to seize this EV value chain opportunity primarily in Indonesia,” Ridha said at the summit.
Indonesia’s EV market is on track to continuous growth and is expected to sell 2.1 million electric motorcycles and 400,000 electric cars by 2025.
After banning exports of nickel ore to ensure supply for investors amid supply chain disruption since 2020, Indonesia has shown its interests in developing its own EV and battery industries.
CATL announced earlier this year its partnership with Indonesian partners for a $6 billion power battery project in Indonesia.
