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Taiwan's Foxconn shows interest in Indonesia’s EV industry
The announcement comes as Foxconn seeks to diversify away from the production of consumer electronics and as Indonesia seeks to develop an end-to-end EV battery supply chain.
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Investment Minister Bahlil Lahadalia mets with Taiwanese electronics manufacturer Foxconn and battery swapping developer Gogoro in Taiwan on Oct. 22 to discuss potential investment in Indonesia's electric vehicle industry. (Investment Ministry/-)
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aiwanese electronics manufacturing giant Hon Hai Precision Industry, also known as Foxconn, has expressed interest in investing in Indonesia’s electric vehicle (EV) supply chain, according to the Indonesian government.
Investment Minister Bahlil Lahadalia met Foxconn chairman Young Liu in Taiwan on Oct. 22 to follow up a virtual meeting held in August on the manufacturer’s investment interest, the ministry announced in a Sunday press release.
Young Liu said Foxconn was interested in developing the electric car, electric scooter and EV battery industries in Indonesia. The manufacturer said it was also committed to partnering with local small and medium enterprises (SMEs).
"We do not want to just assemble [EVs], but we want to develop the whole industry for Indonesia in Indonesia," Liu was quoted as saying in the press release.
He added that Foxconn would follow up the meeting with "a discussion and technical survey as soon as possible" and hinted that talks were ongoing on designing EVs to suit the Indonesian market.
Foxconn unveiled its first three EV prototypes – an SUV, a sedan and a bus – on Oct. 18, as part of the company's plan to diversify away from the production of electronic components and consumer electronics for big tech brands such as Apple, Sony and Xiaomi.
Foxconn is the latest company to express interest in investing in Indonesia’s EV supply chain. Previously, Bahlil met with German automaker Volkswagen and chemical producer BASF regarding potential investment in the domestic nickel and cobalt industries, which are slated to supply raw materials for the EV battery industry.
