TOKYO -- Affordability will be key to Indonesian coal miner Indika Energy's foray into electric vehicles, company President Arsjad Rasjid said, as it races to diversify beyond its core business.
Indika set up Ilectra Motor Group, a subsidiary dedicated to electric motorbikes, and raised $15 million in initial funding in May from Hong Kong billionaire Li Ka-shing's Horizons Ventures, local venture capital company Alpha JWC Ventures as well as Indika's own capital. According to a spokesperson for Rasjid, Ilectra plans to start selling its Alva electric bike on Aug. 11.
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