This South Asian Nation Eyes $320M Investment To Attract More EV Buyers

Indonesia weighed earmarking 5 trillion rupiah ($320.41 million) from next year's budget to boost electric vehicle (EV) purchases.
Last week, Industry Minister Agus Gumiwang Kartasasmita said buyers could gain a discount of 80 million rupiah for EVs made by firms with factories in the country and other incentives for hybrid cars and electric motorcycles, Reuters reports.
The government plans to offer subsidies to sellers to cover the costs.
The report cited Airlangga Hartarto, Indonesia's chief economics minister, who said at a news conference that authorities explored discounts per sale based on the budget allocation.
The government also weighed subsidizing electric bus sales, he said.
The report further quoted President Joko Widodo, saying, "We hope with these incentives, the electric motorcycle and electric car industry will grow."
Indonesia targeted 20% of overall car sales in 2025 to be EVs, Airlangga said.
Toyota Motor Corp TM, Mitsubishi Motors MMTOF MMTOY, and Hyundai Motor Co, Ltd HYMTF announced planned investments in EV manufacturing in Indonesia.
SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co GM, and Wuling Motors Holdings Ltd WLMTF, has an EV assembly facility in Indonesia.
Indonesia also tried to coax U.S. firm Tesla Inc TSLA to invest in producing EV batteries and cars.
The report noted that Japanese brands currently dominate sales in the world's fourth most populous nation, with Toyota as the market leader.
Price Action: TSLA shares traded higher by 1.34% at $139.63 in the premarket on the last check Wednesday.
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