CATL, China's largest automotive lithium-ion battery maker, plans to invest $5 billion in a lithium battery plant in Indonesia, Septian Hario Seto, Indonesia's deputy minister at the coordinating ministry of maritime and investment affairs, told a virtual briefing on Tuesday.
He said the lithium battery plant will be operational by 2024 and that CATL has signed an agreement with PT Aneka Tambang, Indonesia's state-owned mining company, which requires CATL to ensure that 60 percent of its nickel is processed into batteries in Indonesian.
Indonesia's Investment Coordinating Board said in June that LG Chem was considering investing $9.8 billion in an electric car battery plant that would integrate a smelter.
Last week, the Indonesian government said Tesla will send a delegation to Indonesia next month to discuss potential investments in its electric vehicle supply chain.
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