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Business Spotlight

Indonesia's nickel riches spur local company EV, battery ambition

Old economy conglomerates, businesses pounce as government pushes industry takeoff

ERWIDA MAULIA and ISMI DAMAYANTI, Nikkei staff writers | Indonesia

JAKARTA -- From coal miners to conglomerates, Indonesia's burgeoning electric vehicle and battery scene is attracting broad local corporate interest buoyed by the country's rich nickel resources and government promises of incentives.

The involvement comes as global EV makers including China's BYD and Tesla of the U.S. have either signed or are "finalizing" deals to invest in Indonesia, Luhut Pandjaitan, coordinating minister for maritime affairs and investment, told a briefing of Indonesian regional leaders last month.

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