Prominent iPhone manufacturer Foxconn has just announced that it is partnering up with the Indonesian Investment Ministry along with other firms for the purpose of developing electric vehicles in the region.
As per a report from Reuters, the Taiwanese Apple supplier has entered a partnership with Indonesia and other companies to help boost the EV industry.
For those in the dark, the company has recently been focused on expanding outside of the smartphone industry and entered the automobile market due to the potential it carries.
It has also struck a deal with US startup Fisker and Thailand’s energy group as well. Now, it has signed a Memorandum of Understanding for investing in EV-related technologies.
This includes battery manufacturing, which will also be backed by investment from the Indonesian Ministry of Investment and the Indonesian Battery Corporation, an energy firm PT Indika Energy, and Taiwanese electric scooter maker Gogoro.
In addition to this, the partnership aims to build “a new energy ecosystem” in the Southeast Asian country for the purpose of developing industries that are conducive to the growth of EVs.
This would include energy storage systems, battery exchange stations, and the recycling of materials used in the process. Unfortunately, we do not know the exact scale and size of investment as of now.
Foxconn is hoping to supply components or services to nearly 10% of the world’s EVs by 2025-27.
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