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Indonesia risks falling behind in regional EV race despite rich nickel reserves

Indonesia’s domestic market for EVs is showing signs of growth, but its adoption still lags regional peers, dampening investor sentiment

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Elisa Valenta

Elisa Valenta

Published Thu, Jun 6, 2024 · 11:32 AM
    • Less than 2 per cent of the vehicles on Indonesian roads are electric, with the vast majority still dominated by combustion engine vehicles.
    • Less than 2 per cent of the vehicles on Indonesian roads are electric, with the vast majority still dominated by combustion engine vehicles. PHOTO: BT FILE

    [JAKARTA] Even as the electric vehicle (EV) race heats up in South-east Asia, Indonesia – the region’s largest economy – is lagging in domestic EV adoption. This is despite the country’s abundant reserves of nickel, a key component in EV batteries.

    Market watchers warn that Indonesia needs to accelerate its adoption rate rapidly if it wants to become a significant player in the EV ecosystem supply chain.

    Indonesia faces stiff competition from other countries in the region, such as Thailand and Vietnam, which are actively promoting their EV industries, Jakarta-based think tank Energy Shift Institute managing director Putra Adhiguna told The Business Times.

    IndonesiaElectric vehicles

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