Blue Bird And Indika Energy Race To Work On Electric Car Projects

Illustration. (Photo: Unsplash)

JAKARTA - Issuers from various sectors are starting to race to work on electric car projects. This was carried out by PT Indika Energy Tbk (INDY) to PT Blue Bird Tbk (BIRD).

INDY through its subsidiary PT Mitra Motor Group formed a joint venture (JV) with a company based in Singapore. INDY Corporate Secretary Adi Pramono said Mitra Motor Group together with Foxteq Singapore Pte. Ltd. founded a company called PT Foxconn Indika Motor.

Foxteq Singapore is a manufacturing company that provides electric vehicle components and accessories.

"The company's establishment has been stated in the Deed of Establishment No. 19 dated 22 September 2022 drawn up before Ungke Mulawanti, SH., M.Kn., Notary in Bekasi," said Adi in an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Monday 26 September.

The joint venture company has also been approved as a legal entity by the Minister of Law and Human Rights of the Republic through Decree No. 0065652.AH.01.01.Year 2022, September 2, 2022.

Adi said Foxconn Indika Motor will carry out manufacturing activities for commercial electric vehicles and electric batteries. Business activities will be reflected in the business activities of manufacturing four or more wheeled motor vehicles (KBLI 29101 and KBLI 29300), battery manufacturing activities (KBLI 27201), and management consulting services (KBLI 70209).

The establishment of this joint venture was followed by a capital investment of IDR 39 billion from Mitra Motor Group, equivalent to 60 percent of the paid-up capital. Then Foxconn paid in capital of IDR 29 billion.

"So the capital ownership structure is IDR 65 billion," said Adi.

On the other hand, public transportation companies such as PT Blue Bird Tbk. (BIRD) also added to the expansion in the electric vehicle sector. Bluebird's Technical Service Manager, Suratmanto said, Bluebird electric cars are only available in Jakarta and Bali.

In the future, Bluebird plans to provide electric car services in Semarang.

"Bluebird is a pioneer in the use of electric-based taxis in Indonesia," he explained in an official statement.

The expansion of electric vehicles began in 2020 with 29 units, now Bluebird continues to add to its fleet with up to 200 electric engines. In 2022, Bluebird even adds an investment of IDR 32.5 billion for the procurement of electric cars.