Indika-Foxconn Joint Venture to Compete in The EV Market

By Editorial Team 26/09/2022
electric vehicle charging station
Summary

PT Indika Energy Tbk (INDY), through its subsidiary PT Mitra Motor Group, established a joint venture with Foxtec Singapore Pte Ltd, a company affiliated with Hon Hai Precision Technology (Foxconn). The joint venture, formed on Sept 22, is named PT Foxconn Indika Motor (FIM). Indika Energy Corporate Secretary Adi Pramono said FIM would manufacture commercial electric vehicles (EVs) and their batteries.

Adi said that FIM's business activities are manufacturing motor vehicles with four or more wheels, producing batteries, and providing management consulting services. Mitra Motor Group holds a 60 percent stake in the JV, while the rest belongs to Foxtec Singapore. According to him, Mitra Motor's investment in FIM is Indika's move to expand its business into the electric vehicle sector, "especially four-wheeled electric vehicles in Indonesia," Adi said on Friday.

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