Tesla sends investment proposal to Indonesia

Tesla

Indonesia’s Deputy Head for Investment and Mining told reporters on Friday that the country has received an investment proposal from U.S. electric vehicle (EV) maker Tesla.

Indonesia is the world’s biggest nickel producer, a material crucial for EV batteries, and has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans.

Due to a non-disclosure agreement, the details of the proposal could not be given though the Deputy Head stated that the focus of discussions had been on batteries and energy storage solutions.

Once the top exporter of nickel, Indonesia stopped nickel shipments last year, in an effort to develop a full nickel supply chain, starting from extraction, then processing into metals and chemicals used in batteries, to meet the demand for electric vehicles (EVs).

Tesla said last year it was looking to find reliable sources of nickel globally after warning the current cost of batteries remained a hurdle to its growth.

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