Indonesia says in early talks with Tesla on potential investment

In this news, we discuss the Indonesia says in early talks with Tesla on potential investment.

JAKARTA (Reuters) – The Indonesian government is starting preliminary discussions with electric vehicle maker Tesla Inc TSLA.O over a potential investment in the Southeast Asian country, a major nickel producer, said a responsible.

Indonesia is keen to develop a complete supply chain for nickel in the home, particularly for mining battery chemicals, manufacturing batteries and possibly building electric vehicles.

It halted exports of unprocessed nickel ore to support investment in its domestic industries.

Ayodhia Kalake, a senior official at the Ministry for the Coordination of Maritime Affairs and Investment, said Tesla had contacted the government informally about a possible venture, but he did not say what he had in mind.

“It was still an early discussion and was not yet detailed,” Ayodhia said in a statement Monday.

“We need further talks with Tesla,” he said, adding that Indonesia has a number of incentives to invest in electric vehicles.

Tesla did not immediately respond to an email from Reuters requesting confirmation.

Indonesia said last month it had reached an agreement to build a lithium battery factory in the country with South Korea’s LG Chem Ltd 051910.KS and China’s Contemporary Amperex Technology Ltd (CATL) 300750.SZ.

Tesla is looking to ramp up production of trucks and solar projects, and its boss Elon Musk earlier this year urged miners to produce more nickel and offered “giant” long-term contracts if they are operated “efficiently and effectively. ‘in an environmentally sensitive way’.

While electric vehicles are expected to help reduce global carbon emissions, campaigners fear that the production of electric vehicle parts and increased mining could damage the environment.

An Indonesian nickel smelter project being built by China’s Tsingshan Group and partners to produce battery-grade chemicals has withdrawn its request for ocean waste disposal, a government official said on Friday.

Reporting by Bernadette Christina Munthe; Writing by Fransiska Nangoy; Edited by Martin Petty

Original © Thomson Reuters

Originally posted 2020-10-05 02:06:10.

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