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Luhut fails to get immediate investment pledge from Musk

Jakarta Globe - August 14, 2023

Pudja Lestari, Jakarta – Indonesia will need to exercise patience for another 18 months to ascertain whether global electric car giant Tesla Inc. will initiate investments in the nation, Chief Investment Minister Luhut Binsar Pandjaitan said on Monday.

In a recent visit to the United States, the minister held a face-to-face meeting with Tesla's CEO Elon Musk to persuade him to expand the company's operations into Southeast Asia's largest economy. It was his second meeting with Musk in the last two years.

"Elon said that their global investment blueprint has encountered an 18-month setback, yet he emphasized that Indonesia remains a prioritized destination for their investment," Luhut said following a cabinet session at the presidential office in Jakarta.

Luhut further quoted Musk regarding Tesla's postponed investment in its Mexican facilities, noting that despite the production of 3 million vehicles, only 1.8 million were successfully sold.

According to the minister, Musk is scheduled to visit Jakarta later this year, with the government poised to finalize an agreement with his satellite internet enterprise, Starlink. This agreement would address the provision of high-speed internet accessibility in remote regions.

Moreover, the Indonesian government continues its endeavors to secure Tesla's investment in the production of electric vehicle batteries here, Luhut said.

Source: https://jakartaglobe.id/business/luhut-fails-to-get-immediate-investment-pledge-from-mus