Indonesia is said to be finalizing agreements with China’s electric vehicle maker BYD Group and US-based EV maker Tesla to invest in EV production facilities in the Southeast Asian country, Reuters reported on Tuesday, quoting a senior Cabinet minister.

“All the biggest [electric] car makers in the world will invest here. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalizing deals with Indonesia,” Indonesia coordinating minister Luhut Pandjaitan said in a meeting with provincial governments.

Indonesia has been aggressively promoting investment into EV batteries and EVs in its country to take advantage of its rich nickel resources. Once a major nickel ore exporter, it has banned exports to ensure enough raw materials for investors.

The minister, however, did not disclose further details. BYD Group and Tesla did not immediately respond to requests for comment, according to the report.

According to Reuters, SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co and Wuling Motors Holdings, has built assembly facilities in Indonesia.

South Korean carmaker Hyundai launched its plant in Indonesia in March last year to produce the country’s first locally assembled EV.

Indonesia has the world’s largest nickel reserve which is essential for the stainless steel and battery industry.

TechNode Global shares research insights on Indonesia EV landscape