Tesla Braces For Third International EV Factory To Tap Indonesia's Battery Reserve

Tesla, Inc TSLA neared sealing an initial deal to set up a factory in Indonesia as it braced to tap the Southeast Asian country's reserves of crucial battery metals.
The plant would produce up to 1 million cars annually, in line with Tesla's ambition, Bloomberg reports.
The discussions included plans around multiple facilities in the country, serving different functions across production and the supply chain.
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Indonesian Investment Minister Bahlil Lahadalia told Bloomberg that the coordinating ministry for maritime affairs and investment led talks with Tesla.
Indonesia has long wooed Tesla, striking a $5 billion nickel supply agreement with the carmaker in 2022.
An Indonesian factory would mark Tesla's third international factory, joining facilities in Shanghai and a plant near Berlin.
Indonesia is a tough market for global automakers, given that affordable cars make up most sales, Bloomberg notes.
Price Action: TSLA shares traded higher by 2.41% at $121.74 on the last check Wednesday.