Posted on 22 Jan 2024
Indonesian officials announced on Thursday that China’s BYD plans to invest IDR 20.3 trillion ($1.3 billion) in electric vehicle manufacturing capacity in the country, Kallanish learns.
Airlangga Hartarto, Indonesia’s economic affairs minister, announced the investment in a video message during BYD’s launch event. The company introduced three electric car models – BYD Seal, BYD Atto 3 and BYD Dolphin – to the Indonesian car market, though prices will be revealed next month.
Without confirming the investment figure, BYD Indonesia’s president Eagle Zhao said that construction was scheduled to start later this year. In tandem, a sales network of 50 outlets would be established across the country by year-end.
The manufacturer will deploy an “aggressive” approach seeking to achieve a market-leading position in the South East Asia nation, Zhao suggests. BYD already sells electric buses and taxis in the country through local retailers. Details on the planned manufacturing facility, however, are yet to be published.
In January 2023, Indonesian officials said investment negotiations with BYD and its rival Tesla were reaching the final stages.
If a final investment decision is taken, this will be BYD’s sixth planned manufacturing project outside of China. The company is already pursuing projects in Brazil, Hungary, Mexico, Thailand and Uzbekistan.
Source:Kallanish
