"Hyundai’s decision to shift its manufacturing base from China to Indonesia is more desperate than strategic, given the low EV adoption rates and lack of clear government EV roadmap in Indonesia. Hyundai is facing retaliation from its JV partner, BAIC (Chinese government-owned), against the deployment of US anti-ballistic missile defence system deployed right outside of Seoul. BAIC, wants to source vehicle components from low-cost Chinese suppliers, against Hyundai’s push to source them from Korean ones. Hyundai’s sales to Beijing Taxi (through BAIC) is also at a decline. Low labour costs and abundant nickel supplies are the major factors for Hyundai setting up a manufacturing base in Indonesia." – Aman Madhok