Toyota is betting $2 billion on electric vehicle development in Indonesia, Southeast Asia’s 2nd-largest car-production hub

Toyota plans to invest $2 billion to develop electric vehicles in Indonesia over the next four years, starting with hybrid vehicles. The Japanese carmaker said this month that it aimed for half its global sales to be from electric vehicles by 2025, five years ahead of schedule. It will tap Chinese battery makers to meet the accelerated global shift to electric cars. Visit Business Insider’s homepage for more stories. JAKARTA (Reuters) – Toyota plans to invest $2 billion to develop electric vehicles (EVs) in Indonesia over the next four years, starting with hybrid vehicles, Indonesia’s coordinating ministry for maritime affairs said. "From 2019 to 2023, we will progressively increase our investment to 28.3 trillion rupiah ($2 billion)," Toyota president Akio Toyoda was quoted as saying in a statement released by the ministry on Thursday. The Japanese carmaker said this month that it aimed for half its global sales to be from electric vehicles by 2025, five years ahead of schedule, and will tap Chinese battery makers to meet the accelerated global shift to electric cars. Read more: A little-known trucking startup just beat Tesla and Waymo to run driverless semi-trucks on the open road The deal was agreed at […]

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