AutomotiveEnergyTechnology
06 February 2023, 7:50 pm. 1 minute
| Reuters shed light on how, armed with the world’s largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively. In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery and electric vehicle production in the country with manufacturers including Hyundai Motor, LG Group and Foxconn. |
Market Impact
Indonesia has signed more than a dozen deals worth more than $15 billion for battery and electric vehicle production in the country with manufacturers including Hyundai Motor (005380.KS), LG Group (003550.KS) and Foxconn (2317.T). Brazilian mining company Vale (VALE3.SA) has predicted a 44% jump in nickel demand by 2030 from 2022 levels due to high demand for batteries meant for electric vehicles.
Article Tags
Topics of Interest: AutomotiveEnergyTechnology
Type: Reuters Best
Sectors: Technology
Regions: Asia
Countries: Indonesia
Win Types: Overall Coverage
Story Types: Spot News
Media Types: Text
Customer Impact: Significant National Story