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Indika, Foxconn sign JV agreement on EV factory
Electric vehicle (EV) company PT Mitra Motor Group (MMG), a subsidiary of coalminer PT Indika Energy, has created a joint venture with EV component producer Foxteq Singapore.
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President director PT Illectra Motor Group Purbaja Pantja (second-left) and Indika Energy president director Arsjad Rasjid (center) are pictured during the Alva One launch ceremony on Aug. 11, 2022. (JP/Divya Karyza)
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lectric vehicle (EV) company PT Mitra Motor Group (MMG), a subsidiary of coalminer PT Indika Energy, created a joint venture (JV) with EV component producer Foxteq Singapore on Sept. 22.
According to an information disclosure released on Friday, the JV will be called PT Foxconn Indika Motor (FIM), which is licensed to build EVs with four wheels or more, produce batteries and provide management consulting services.
“MMG’s participation in FIM is the company’s step toward expanding its business activities into the electric vehicle sector, especially four-wheeled electric vehicles, in Indonesia,” Indika Energy corporate secretary Adi Pramono said in the disclosure.
Focusing on manufacturing commercial electric cars and batteries, the JV was followed by an investment of Rp 39 billion (US$2.5 million) from MMG, equivalent to 60 percent of the paid-up capital.
An affiliation of Hon Hai Technology Group, known as Foxconn, Foxteq Singapore paid in capital of Rp 29 billion, the equivalent of 40 percent of the paid-up capital.
Read also: Indika Energy’s Ilectra Motor Group launches all-electric motorbike
In a press statement released on the same day, Indika Energy director and group chief investment officer Purbaja Pantja said that the company saw huge potential in EV development in Indonesia.
