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Tuesday, September 28, 2021

Hyundai-LG joint battery plant breaks ground in Indonesia - The Korea Herald

Last updated Wednesday, September 15, 2021 03:43 ET , Source: NewsService

By Kim Byung-wook

Hyundai Motor Group on Wednesday broke ground on a 10 gigawatt-hour battery cell production plant in Indonesia in cooperation with LG Energy Solution, joining the global race to secure battery cells for the future.

The joint factory, set for completion in the first half of 2023, will be built on a 300,000-meter site in Karawang, near the Indonesian capital of Jakarta. The two South Korean firms have formed a $1.1 billion joint venture for the project, with each owning a 50 percent stake.

The new facility is to produce NCMA (nickel, cobalt, manganese and aluminum) lithium-ion batteries starting in the first half of 2024, enough to power more than 150,000 electric vehicles. Depending on future demand, the facility will consider expanding its capacity to as much as 30 gigawatt-hours per year.

Battery cells produced in Karawang will be used in Hyundai Motor and Kia’s EV models built upon Hyundai Motor Group’s dedicated EV platform, E-GMP.

“Starting with this plant, an EV ecosystem will be successfully established in Indonesia with the development of various related industries. Furthermore, we expect Indonesia to play a key role in the ASEAN EV market,” Hyundai Motor Group Chairman Chung Euisun said.

The groundbreaking ceremony was held at the project site and attended by Indonesia’s President Joko Widodo, Investment Minister Bahlil Lahadalia and Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan.

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