JAKARTA — For a lesson in how a national car can turn into a white elephant, look no further than Indonesia. Four years after the creation of P.T. Timor Putra Nasional, the Indonesian government is left holding the bag. Contents: an unfinished factory outside Jakarta, a mountain of unpaid bills and debt estimated somewhere between US$400 million and US$700 million. ‘Kia would like to scrap the Timor name and assemble cars in the Timor facility. But the price would have to be well below ...
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