This decision marks a significant milestone for the historic factory, which has been manufacturing vans for over nine decades.

The investment, part of a USD 12 million Series A funding round, underscores the growing importance of recycling in the EV industry.

The incentives package is designed to support companies in their transition towards net-zero emissions by offering special tax deductions to eligible entities.

Despite the lack of an immediate agreement, Toyota affirmed its commitment to further negotiations in the coming days.

The move underscores Indonesia’s commitment to transitioning towards cleaner and more sustainable modes of transportation while attracting investment in the EV sector.

This decision comes in response to concerns regarding the reliability and performance of the vehicles’ software systems.

CEO Carlos Tavares revealed this strategic move, aimed at competing with the rapidly growing Chinese EV market while offering competitively priced models to consumers.

The joint venture between TVS Mobility and Mitsubishi Corporation marks a significant departure from traditional dealership models.

The latest version of the Qin Plus DM-i boasts a starting price of 79,800 yuan (USD 11,090), marking a 20% reduction compared to its predecessor.

The move comes after pressure from automakers and UAW, who argue that the proposed targets are overly aggressive and require more time for implementation.