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DAILY ECONOMIC AND MARKET REVIEW

31/07/2024 07:57 | By Mandiri

The government will build an electric vehicle (EV) battery development research center in Morowali, Central Sulawesi as a form of commitment to mineral downstreaming for EV batteries.

Currently, the government has built an EV battery recycling industry in Morowali. In addition, Indonesia also has an EV battery research center and testing laboratory established by the National Battery Research Institute (NBRI).

Indonesia already has active companies in the entire ecosystem chain of the EV battery industry.

There are 8 companies actively operating in the mining and smelting/refining stage, 2 companies in the precursor and cathode production stage including battery cell and battery pack manufacturing, 53 companies in the EV manufacturing stage, 3 companies in the charging station and Energy Storage System (ESS) solution design stage, and 2 companies in the recycling stage.

Indonesia is estimated to have a population of 160,000 two-wheeled EVs and 55,000 four-wheeled EVs by the end of 2024.

Currently, there are 124,700 two-wheeled EVs and 40,500 four-wheeled EVs registered as of June 2024.

The Bank Mandiri economic research team sees that the strengthening EV industry ecosystem will be able to increase EV sales to achieve the target of selling 30,000 battery-based EVs (BEV) in 2024.

BEV sales were recorded at 11.9 thousand units in 1H24, growing by 104.3% yoy, or more than double the 1H23 sales of 5.8 thousand units. (skw)

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