Hyundai, Toyota and other car companies target nickel resources

At the Bloomberg New Energy Finance Forum held in Bali, Indonesia, Axel Maschka, executive vice president of Hyundai Mobis, a subsidiary of Hyundai Auto Parts, said that the company plans to establish a " foothold”, the country “could become an important hub for the electric vehicle market in Southeast Asia and Australia”.

Pras Ganesh, executive vice president of Toyota Daihatsu Engineering & Manufacturing, noted during the same event that Toyota also wants to develop the EV value chain and ecosystem in Indonesia.

Indonesia has been trying to get Tesla to build production facilities in the country. Earlier this year, Indonesian President Joko Widodo met with Tesla CEO Elon Musk in an attempt to push Tesla to invest in Indonesia.

Indonesia, which has the world's largest nickel reserves, has a president who wants to vigorously develop a nickel-based electric vehicle industry at home and has halted exports of nickel ore to secure supplies for investors. BHP Billiton, one of the world's largest suppliers of metals commodities, expects demand for nickel in the battery industry to surge by more than 500% over the next decade.

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