Another Chinese investor to participate in Indonesia's EV battery project

Indonesia's Investment Coordinating Board has revealed that there may be new Chinese investors involved in Indonesia's electric vehicle battery program, in addition to Ningde Times (CATL) and Zhejiang Huayou Cobalt Industry Co Ltd (Huayou).The investment plan is part of the Rp 162 trillion investment promised in May 2025 during Chinese Premier Li Qiang's visit to Indonesia. Negotiations are in the preliminary stages and the identity of the new investor has not yet been determined, but it is clear that it is not CATL Group. The US$600 million Dragon Project between Indonesia and CATL is the world's first integrated battery ecosystem project, covering the entire industry chain from mining to battery recycling. Indonesia Battery Company (IBC) is participating on behalf of state-owned enterprises, and CATL is investing through its CBL subsidiary. In addition IBC's "Titan Project" with Hwayo, which took over from LG Energy Solutions Ltd. with an investment of $9.8 billion, is also an integrated project of the whole industry chain.