Starting With Hybrids, Toyota Will Invest $2 Billion in EVs

The car company Toyota and the government of Indonesia agreed on a plan and will now invest around $2 billion in producing the EVs in the country.

The interest in the Asian country is related tax cuts on EVs and a reserve of source material for lithium-ion batteries, laterite ore.

According to Indonesia’s Coordinating Minister for Maritime Affairs Luhut Pandjaitan: “because the Indonesian government already has an electric vehicle development map, Toyota considers Indonesia a prime EV investment destination.”

Toyota is already behind on the run to establish EVs on the market. Since they are investing a generous amount on accelerating the process, they should’ve gone straight to where it matters. The hybrids at this point might be a slowdown.

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