Toyota plans to invest $1.80 billion in Indonesia in the next five years to produce electric vehicles (EVs), Indonesia’s economics ministry said.
Indonesia’s chief economics Minister, Airlangga Hartarto explained in a statement that Toyota had invested 14 trillion rupiah in the country since 2019.
“I believe demand for EVs whether its four-wheels or two-wheels will keep increasing in Indonesia and ASEAN,” Airlangga said after meeting Toyota’s Vice Chairman Shigeru Hayakawa a day earlier in Tokyo.
Indonesia, which has a population of 270 million, aims to sell only electric cars and motorcycles by 2050 to replace vehicles powered by combustion engines, a minister has said, as the country seeks to reduce its carbon emissions.
The nation has also set a target of having 13 million electric motorcycles – including converted ones – and 2.2 million electric cars on its roads by 2030.