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Foreign Titans Launches $20 Billion EV Plan?

Updated: Oct 28, 2020

Two of the world’s leading battery producers of electric vehicles (EV), Contemporary Amperex Technology Co. Ltd. and LG Chem Ltd., have signaled on joining projects that could bring in $20 billion investment in supply chains in Indonesia, according to the country’s government. Both firms collectively signed heads of agreement with Aneka Tambang Tbk in September which aims to manufacture higher value products for automotive batteries from the state-owned miner’s nickel output. Furthermore, the strategy itself involves the development of new capacity for metals processing to battery pack assembly. Septian Hario Seto, Mining Deputy of The Coordinating Ministry for Maritime Affairs and Investments, claims that this is a race on technology between the two front-runners in lithium battery technology. Despite being in the very early stages, the start of the agreed joint venture options between LG Chem Ltd. and Aneka Tambang Tbk, brought upon a ray of prominence for the stated companies. Looking from the capital market perspective, Aneka Tambang had risen as much as 18% in Wednesday trading, as of 12.52 pm in Jakarta.

The project carried out had an impact on the movement of shares of MIND ID's subsidiary companies, namely PT Timah Tbk (TINS), PT Vale Indonesia Tbk (INCO), and PT Aneka Tambang Tbk (ANTM). PT Timah Tbk (TINS) ma