Indonesia plans to limit Chinese involvement in new nickel projects to qualify for US EV subsidies due to 25% foreign ownership requirement.
Indonesia aims to reduce Chinese involvement in new nickel projects to qualify for US government subsidies, amid the Inflation Reduction Act's requirement that materials for electric vehicles (EV) or batteries must be supplied by firms with no more than 25% foreign entity ownership, including Chinese companies. Indonesian officials are discussing with potential investors the construction of new smelters where Chinese companies hold less than a 25% stake. This move is aimed at reducing Beijing's influence in the electric vehicle supply chain.
July 26, 2024
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