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Foxconn, Indika Energy form Indonesian JV for EVs and batteries

PT Indika Energy Tbk. (Indika Energy) through its subsidiary, PT Mitra Motor Group (MMG), and an affiliate of Hon Hai Technology Group (Foxconn), Foxteq Singapore Pte. Ltd., are establishing a joint venture company to manufacture commercial electric vehicles and electric batteries, as well as providing management consultation service.

Seeing the great potential in the development of electric vehicles in Indonesia, Indika Energy is delighted to partner with Foxconn as a global company that has developed electric vehicles. This collaboration will provide a comprehensive electric vehicle ecosystem in Indonesia and aim to support the country to become one of the leading electric vehicle and battery ecosystem developers.

—Purbaja Pantja, Director and Group Chief Investment Officer of Indika Energy

The Indonesian Government has previously targeted electric vehicle penetration of 2 million electric cars and 13 million electric motorcycles in the country by 2030.

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