Foxconn chairman Young Liu has met up with Indonesian president Joko Widodo to discuss its investment projects in Indonesia, including making EV battery and building smart city infrastructures, according to multiple media sources and Foxconn's official statement.
After meeting India's prime minister in India, Liu flew to Indonesia. The company signed a MOU with Indonesia's Ministry of Investment (BKPM) early this year to set up an EV battery plant in Indonesia, along with Indonesia Battery Corporation (IBC), local energy company Indika and Taiwan-based battery service provider Gogoro.
During his meeting with Jokowi last Saturday, Liu reiterated that Foxconn's currently taking a BOL (build, operate, localize) model to expand production and operation in many countries. Foxconn has taken the approach of increasing engagement in local production to push for global EV deployment.
The company has partnered with Geely Auto in China, PTT in Thailand, and has completed purchasing production facilities from EV maker Lordstown in Ohio, US last month. Earlier this month, Thailand's investment agency has approved Foxconn and PTT's joint venture, the Horizon Plus Co project, worth of THB36.1 billion (US$1 billion), to produce EV batteries.
Liu has disclosed that the company will also expand to Europe and South America.
Bloomberg reported that Foxconn is considering establishing an electric bus ecosystem and building smart city infrastructures in Indonesia's new capital Nusantara.
According to Taiwanese media reports, Foxconn plans to invest US$8 billion in Indonesia in third-quarter 2022.