Toyota to invest to develop electric vehicles

electric vehicles

Coordinating Minister of Indonesia for maritime affairs said that the Toyota Motor Corp. is planning to invest $2 billion to develop electric vehicles in Indonesia in the coming span of the next four years. The company will start with hybrid vehicles.

 

Toyota president Akio Toyoda said on Thursday that they will progressively increase our investment to 28.3 trillion rupiahs ($2 billion) in the next four years.

Toyota, with the help of Chinese battery makers to meet the accelerated global shift to electric cars, aimed for 50% of its global sales to be from electric vehicles by 2025, five years ahead of schedule.

 

Indonesia’s Coordinating Minister for Maritime Affairs Luhut Pandjaitan and Toyoda had an agreement on the confirmation of the deal on Thursday, in a meeting in Osaka.

 

Toyoda said once that it considers Indonesia a prime EV investment destination as the Indonesian government already has an electric vehicle development map.

 

According to him, Toyota would follow the government’s EV plan of a stage-by-stage investment, starting with the development of hybrid vehicles.

Monet plans to begin operating in Southeast Asia next year. Monet is the self-driving car joint venture of Toyota and SoftBank Corp.

 

Indonesia, being the region’s largest economy, has been making a push to attract foreign carmakers as it also has plentiful reserves of nickel laterite ore, a vital ingredient in the lithium-ion batteries used to power EVs.

 

Officials are betting Indonesia can become a major regional player in lithium battery production and feed the fast-rising demand for EVs, as it is Southeast Asia’s second-largest car production hub.

 

 

 

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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