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Toyota Motor Corp plans to invest $2 billion to develop electric vehicles (EV) in Indonesia over the next four years, starting with hybrid vehicles.

Toyota To Invest Two Billion In Indonesia For Electric Vehicles

Toyota To Invest Two Billion In Indonesia For Electric Vehicles

Reported by Bangkok Post, Toyota Motor Corp plans to invest $2 billion to develop electric vehicles (EV) in Indonesia over the next four years, starting with hybrid vehicles.

“From 2019 to 2023, we will progressively increase our investment to 28.3 trillion rupiah ($2.00 billion),” said Akio Toyoda, Toyota president in a statement released by the ministry for maritime affairs.

The Japanese carmaker said this month that it aimed for half its global sales to be from electric vehicles by 2025.

Indonesia, one of Southeast Asia’s largest auto production hub, has set a goal of increasing proportion of electrified autos to 20 percent of total output by 2025. Furthermore, Indonesia has plentiful reserves of nickel laterite ore, a vital ingredient in the lithium-ion batteries used to power EVs, and has been making a push to attract foreign carmakers.

“Because the Indonesian government already has an electric vehicle development map, Toyota considers Indonesia as a prime EV investment destination,” Mr Toyoda said in the statement.

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