With carmakers investing in EVs, parts suppliers are also diversifying their business towards new and clean technologies and moving away from petrol-reliant supply chains

Meeting comes after a round of talks related to a potential funding for the nickel industry in Indonesia and supply of batteries for EVs

The EV maker has for more than a year negotiated with the government to allow it to gauge demand by rolling out EVs shipped from US and China at lower tariffs

The once-booming electric vehicle market has been hit hard and Nomura Holdings says the country's hardline Covid policy has put the economy on the brink of recession.

Leading car maker revealed for the first time last week that nearly half of its vehicles made in the first quarter were equipped with lithium-iron-phosphate batteries

More than $16 billion will go toward its EV businesses, such as plants and charging stations. Seoul automaker will target annual sales of 1.8m vehicles