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Hyundai to Open Car Plant in Indonesia, to Build EVs: Minister

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Hyundai Motor Co plans to start producing electric vehicles (EVs) in Indonesia as part of an around $880 million auto investment in the country, the deputy minister for industry said on Thursday.

Hyundai’s move to set up its first car factory in Southeast Asia fits into the South Korean carmaker’s strategy of cutting its reliance on China, where competition is intense and its sales have suffered from diplomatic tensions between Seoul and Beijing.

Hyundai Motor, which together with affiliate Kia Motors is the world’s No.5 automaker, plans to build a factory in Indonesia with a capacity of about 250,000 units, including for electric cars, Indonesian deputy minister for industry Harjanto told Reuters.

Indonesia has ample reserves of nickel laterite ore, a vital ingredient for the lithium-ion batteries used to power EVs.

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