EV Ecosystem Collaboration: Korea and Indonesia Join Hands

Indonesia is collaborating with South Korea to expand the electric vehicle (EV) ecosystem in the country by offering tax reductions of up to 11% for EV purchasers, and setting up infrastructure for local battery production and assembly. Luhut Binsar Pandjaitan, coordinating minister of maritime affairs and investment of Indonesia, said that the combined effort was important, as Indonesia aims to be the world’s largest lithium battery producer by 2027. Lee Young-tack, executive vice president of Hyundai Motor Group, emphasised the company’s efforts in supporting Indonesia’s EV industry, including infrastructure building and local battery production. Indonesia is already Hyundai’s largest EV market, with the goal to sell 10,000 units this year. Park Tae-sung, executive vice president of the Korea Battery Industry Association, stressed the need for a Korea-Indonesia battery forum to explore ways of collaboration further.