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Tesla and Indonesia sign $5 billion nickel purchase deal: Report
According to the latest report, a senior Indonesian cabinet minister told CNBC Indonesia that Tesla has signed a contract worth nearly $5 billion, which is expected to be worth nearly $5 billion. The battery materials will be purchased from a nickel processing company in Indonesia within 5 years.
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The report pointed out that Indonesia has been trying to get Tesla to build production facilities in the country. Earlier this year, Indonesian President Joko Widodo met with Tesla CEO Elon Musk in an attempt to push Tesla to invest in Indonesia.
Indonesia has the world’s largest nickel reserves and its president wants to vigorously develop a nickel-based electric vehicle industry at home and has halted exports of nickel ore to secure supplies for investors. It is understood that this move has successfully attracted investment from South Korean companies such as LG and Hyundai.