Tesla eyes Indonesia for next Gigafactory
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Tesla (NASDAQ:TSLA
+4.9%) could be closer to announcing a plan to build a new Gigafactory in Indonesia after the plans for India were placed on hold earlier in May.
Indonesia Investment Minister Bahlil Lahadalia said last week that Tesla has agreed to build an EV and battery plant in the nation without offering any details. He indicated Tesla (TSLA) could even enter Indonesia this year if a final agreement is signed soon.
For the Asia Gigafactory, Tesla (TSLA) is reportedly looking at a large industrial site in Central Java that is on its way to being one of the world's largest industrial complexes.
The site is also close to sources of nickel. Indonesia President Joko Widodo has been vocal about the nation's plan to become the biggest producer of lithium batteries with its vast nickel reserves waiting to be tapped.
While it is still unclear how serious Tesla (TSLA) is about Indonesia, execs with Tesla (TSLA) were in the nation earlier in May. As far as a concrete timetable, Elon Musk has only stated that there could be a Gigafactory announcement of some sort this year.
Shares of Tesla (TSLA) traded as high as $666.58 on Wednesday vs. the 52-week range of $571.22 to $1,243.49.