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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Real-time Estimate Cboe BZX  -  09:17 2022-09-26 am EDT
273.33 USD   -0.73%
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Indonesia says Tesla strikes $5 billion deal to buy nickel products - media

08/08/2022 | 02:22am EDT
FILE PHOTO: Tesla Gigafactory in Gruenheide

JAKARTA (Reuters) - U.S. carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia.

Southeast Asia's biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met with Tesla founder Elon Musk earlier this year to drum up investment.

"We are still in constant negotiation with Tesla ... but they have started buying two excellent products from Indonesia," Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan said in an interview broadcast on Monday.

He said Tesla signed a five-year contract with nickel processing companies operating out of Morowali in Sulawesi island. The nickel materials will be used in Tesla's lithium batteries.

Tesla did not immediately respond to a Reuters email seeking comment.

Indonesia is keen to develop electric vehicles and batteries industries at home and had stopped exports of nickel ore to ensure supply for investors. The move had successfully attracted investments from Chinese steel giants and South Korean companies like LG and Hyundai.

However, most nickel investment so far have gone to production of crude metal such as nickel pig iron and ferronickel.

The government plans to impose export tax on these metals to boost revenue while encouraging more domestic production of higher-value products, a senior official told Reuters last week.

(Reporting by Fransiska Nangoy; Editing by Kanupriya Kapoor)


© Reuters 2022
Stocks mentioned in the article
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HYUNDAI CORPORATION -3.97% 16950 End-of-day quote.0.89%
HYUNDAI MOTOR COMPANY -1.55% 190500 End-of-day quote.-8.85%
TESLA, INC. -4.59% 275.33 Delayed Quote.-21.84%
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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2022 85 239 M - -
Net income 2022 12 692 M - -
Net cash 2022 19 882 M - -
P/E ratio 2022 74,5x
Yield 2022 -
Capitalization 863 B 863 B -
EV / Sales 2022 9,89x
EV / Sales 2023 6,92x
Nbr of Employees 99 290
Free-Float 83,6%
Chart TESLA, INC.
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 37
Last Close Price 275,33 $
Average target price 308,89 $
Spread / Average Target 12,2%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin & Chief Financial Officer
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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