Ningde Times invests $1.2 billion to build factory in Indonesia

Chinese battery maker Ningde Times New Energy Technology Co Ltd (CATL) is investing $1.2 billion (about Rp 18.66 trillion) in Indonesia.CATL, through its subsidiary CBL International Development, has partnered with PT Indonesia Battery Corporation (IBC) and established a joint venture to produce batteries for the Southeast Asian market. Located in Karawang, West Java, the project continues to realize its ambition to become a global hub for electric vehicles. Battery capacity is expected to increase to 15 gigawatts (GW)/year.

The move marks an important step towards Indonesia's goal of establishing a complete electric vehicle supply chain, a key objective set by President Joko. The Indonesian government has sought to capitalize on its large production of nickel, a key material in some batteries, to lure foreign investors into the electric vehicle industry. Earlier this year, Hyundai Motor Group and LG Energy Solutions Co. opened their first battery factories in Indonesia, while China-based Betray New Materials Group opened an anode material factory.