Volkswagen To Help Create EV Battery Ecosystem In Indonesia: Report

Volkswagen AG VWAGY is expected to build an electric vehicle (EV) battery ecosystem in Indonesia.
The automaker will also partner with Ford Motor Company F, VALE S.A. VALE, and China's battery minerals producer Zhejiang Huayou Cobalt, reported Reuters.
The partnerships will include raw material supply and joint ventures.
"Indonesia is an important and interesting country in terms of raw materials and we are in a positive exchange with the government and suppliers," the report quoted the company.
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Indonesia has become an attractive investment place for automakers due to its nickel reserves, an important component in EV battery production.
In March, Volkswagen said it is planning an $193 billion investment over five years in battery production and sourcing of raw materials.
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Price Action: VWAGY shares closed higher by 1.06% at $17.18 on Friday.