Foxconn Technology Group (富士康科技集團) is to invest US$1.75 million in a joint venture with PT Indika Energy Tbk to explore commercial electric vehicle (EV) and electric battery business opportunities in Indonesia, the Taipei-based company said yesterday.
With the investment, Foxconn would hold a 40 percent stake in the joint venture, PT Foxconn Indika Motor, while PT Indika would own 60 percent.
The collaboration is an extension of a memorandum of understanding signed in January by Indika Energy, Foxconn, Gogoro Inc (睿能創意) and others aiming to build an electric vehicle supply chain in Southeast Asia’s biggest economy.
Gogoro, in which Foxconn owns a 0.76 percent stake, is the biggest supplier of battery swapping services and a manufacturer of electric scooters in Taiwan.
“This collaboration will provide a comprehensive electric vehicle ecosystem in Indonesia and aim to support the country to become one of the leading electric vehicle and battery ecosystem developers,” PT Indika Energy director and chief investment officer Purbaja Pantja said in a statement.
Pantja said his company is eyeing the strong growth potential of the nation’s electrified mobility market.
Indonesia has set a target of boosting the number of the electric vehicles to 2 million and electric motorcycles to 13 million by 2030.
“This joint venture underscores Foxconn’s commitment to supporting our partners in Indonesia in mutual goals toward building sustainable ecosystems,” Troy Wu (吳易座), who is in charge of Foxconn’s battery strategy, said in the statement.
Separately, Hon Hai Precision Industry Co (鴻海精密), the flagship company of Foxconn Technology Group, yesterday said it would invest US$75 million in a semiconductor joint venture with Stellantis NV, a company filing with the Taiwan Stock Exchange said.
The companies in December last year signed a nonbinding memorandum of understanding with the intent to design chips for Stellantis vehicles and third-party customers.
It is the second joint venture between the companies following the creation of Mobile Drive Netherlands BV last year, which is focusing on developing intelligent cockpits and Internet of Vehicle devices.
Hon Hai yesterday in a separate filing to the Taiwan Stock Exchange said that its venture capital arm, Hyield Venture Capital Co (鴻揚創投), is to inject NT$474 million (US$14.97 million) of new funding into SolidEdge Solution Inc (芯量科技), a developer of key materials used in batteries.
That brings the company’s overall investment in SolidEdge to NT$773 million, the filing said.
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