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6/27/2019, 3:24 PM (Source: TeleTrader)
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Toyota to invest $2B in electric cars in Indonesia

Japanese carmaker Toyota Motor Corp. said on Thursday it will invest 28 trillion Indonesian rupiah ($2 billion) in the development of electric cars in Indonesia over the next four years.

"From 2019 to 2023, we will progressively increase our investment to 28.3 trillion rupiah," Toyota's president Akio Toyoda stated. "Because the Indonesian government already has an electric vehicle development map, Toyota considers Indonesia as a prime EV investment destination," he added.

The announcement was made during a meeting between Japanese and Indonesian industry ministers ahead of the G20 summit in Osaka, which was also attended by Toyoda. The two countries signed a deal on their economic partnership, which will cover the auto, electronic, chemical, textile and food and beverage sectors.

Breaking the News / NP