Hyundai partners with LG to tap profitable market, opens first EV battery plant in Indonesia

Hyundai Motor Group and Is this foreign exchange dealer going well recentlyLG Energy Solution (LGES) opened the first electric vehicle battery production plant in Indonesia on Wednesday, with an annual capacity of 10 GWh.

The Indonesian government stated that this move is part of Hyundai and LGES's commitment to invest up to 9.8 billion USD to develop the electric vehicle supply chain in Southeast Asia's largest economy, leveraging its abundant nickel and copper resources.

Hyundai Motor Group Chairman Chung Eui-sun said at the plant's opening ceremony, "The country's mineral resources such as iron and nickel are vital components driving millions of electric vehicles globally."

The plant is integrated with Hyundai's factory, which plans to produce 50,000 Kona Electric SUVs annually, using batteries manufactured in Indonesia.

Hyundai and LGES are also set to initiate the second phase of the battery plant development, with plans to invest 2 billion USD and add 20 GWh capacity.

The two companies announced in 2021 their investment of 1.1 billion USD to build a battery plant in West Java province, with an annual capacity sufficient to supply batteries for more than 150,000 electric vehicles.

Indonesian President Joko Widodo (Jokowi) stated that the plant will solidify Indonesia's critical position in the global electric vehicle supply chain and establish a domestic processing industry.

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