Key Apple Inc. supplier Hon Hai Precision Industry Co. Ltd. and an Indonesian government agency last week held discussions related to a possible electric vehicle investment in the country, Nikkei Asia reported on Sunday.
What Happened
The Taiwan-based Apple supplier, better known as Foxconn, reportedly plans to build electric vehicles and batteries in Indonesia, both for two and four-wheelers.The investment, if it goes through, would be a huge boost for Indonesia as it looks to diversify itself as a key player in the global electric vehicle supply chain.
Foxconn chairman Young Liu met Indonesia’s Investment Coordinating Board, as per the report.
Why It Matters
Foxconn last week revealed three electric vehicle prototypes that include a sedan, a sports utility vehicle and bus, and said it aims to turn electric vehicles into a $35 billion business in five years.The Apple supplier had earlier this month confirmed a deal with pre-production electric vehicle startup Lordstown Motors to buy its Ohio assembly plant and build electric vehicles there for its partner Fisker Inc.
Indonesia is also the largest producer of nickel, a key ingredient used in making electric vehicle batteries.
Price Action
Foxconn shares closed marginally higher at $7.79 a share on Friday.By Rachit Vats
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