Elon Musk Delays Investment in Indonesia Due to China’s EV Oversupply: Luhut

Elon Musk, the CEO of Tesla, has not yet invested in Indonesia due to China’s oversupply of electric vehicles (EVs), according to Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan. Despite this, Luhut revealed that Musk is still considering investments in Indonesia, as well as other countries, due to China’s competitive pricing.

Luhut mentioned that Tesla’s factories in Mexico and Germany have reduced production, indicating that Musk is carefully evaluating global market conditions before making any investment decisions. He emphasized that Indonesia presents a great opportunity for investing in electric vehicles, especially with the country’s plans to bolster EV production using lithium batteries in the coming years.

The Indonesian government is eager to collaborate with Tesla, as the country’s nickel resources are crucial for increasing EV production. Luhut also disclosed that Musk is contemplating investment in EV batteries in Indonesia, aligning with the U.S. government’s goal to significantly increase EV production by 2030.

While Elon Musk has not yet confirmed any investment plans in Indonesia, the country remains hopeful for potential collaborations in the EV industry. Stay tuned for more updates on this developing story.