Hyundai, LG to Build Electric battery Joint Venture in Indonesia
27 May, 2021
Hyundai and LG Strength Solution will build a great electric-car battery plant found in Indonesia together.
According to sector insiders on Tuesday, both companies will invest some All of us$1.2 billion in a electric battery plant with an total annual capacity of 10 GWh worth of batteries or a sufficient amount of for 125,000 high-powered electric cars in Karawang, an professional city near Jakarta.
The plant is likely to begin operation in later 2023. Indonesian Expenditure Minister Bahlil Lahadalia informed local reporters that structure will begin in the near future and the batteries manufactured there will be found in Hyundai's EVs.
Hyundai is also building an auto plant with an gross annual capacity of 250,000 autos in the Kota Deltamas industrial complex in Bekasi around Karawang. It currently produces interior combustion engine cars but will also start producing EVs next year.
Meanwhile, Indonesian Maritime Affairs and Fisheries Minister Luhut Pandjaitan arrived in Seoul in Monday, where he met with Hyundai chairman Chung Eui-sun and LG Strength Solution president Kim Jong-hyun.
Indonesia has plentiful sources of lithium, the core material for batteries.
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