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Technology

Foxconn forms Indonesian JV for EV and battery manufacturing

Taiwanese group partners with coal miner Indika Energy in diversification push

Foxconn’s initial investment in this newly-formed electric vehicle joint venture will be $1.75 million and it will take 40% of the shares. (Photo courtesy of Indika Energy)

JAKARTA/TAIPEI - Taiwanese tech group Hon Hai Precision Industry, better known as Foxconn, and Indonesian coal miner Indika Energy on Friday announced the establishment of a joint venture with plans to manufacture batteries and electric vehicles in Indonesia.

The two companies said in a joint press statement that Foxconn Indika Motor, the new joint venture, will "build, operate [and] localize" commercial EV manufacturing in Southeast Asia's largest economy, as well as develop its supporting industries -- including for batteries.

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