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Wednesday, September 22, 2021

South Korea's LGES, Hyundai Motor start work on Indonesian EV battery plant - Yahoo Finance

Last updated Wednesday, September 15, 2021 01:02 ET , Source: NewsService

JAKARTA (Reuters) - South Korea's LG Energy Solution (LGES) and Hyundai Motor Group have started construction on a $1.1 billion plant to make batteries for electric vehicles (EVs) in Indonesia, amid a push by the Southeast Asian nation to tap its rich nickel reserves.

In a video broadcast on Wednesday, Indonesian President Joko Widodo said the plant was the first EV battery facility in Southeast Asia and signalled the government's commitment to use its nickel resources to develop downstream industries.

"Indonesia has the world's biggest nickel reserves and with this potential, I believe in the next three to four years, with good management, Indonesia will be the main producer of nickel-based products, such as batteries," Jokowi, as the president is widely known, said at a ground-breaking ceremony.

The battery plant in the Indonesian province of West Java is part of a $9.8 billion investment plan https://www.reuters.com/world/asia-pacific/indonesia-says-98-bln-ev-battery-mou-agreed-with-lg-energy-solution-2020-12-30 for LGES, according to Indonesia's Investment Minister Bahlil Lahadalia, spanning the nickel and battery supply chain.

Jong-hyun Kim, the chief executive of LGES, which is wholly owned by LG Chem Ltd, said in a virtual address batteries will be produced using the company's latest technology and installed in various Hyundai Motor and Kia Motors Corp EVs.

Plant construction will be completed by the first half of 2023, a joint statement from Hyundai Motor Group...



Read Full Story: https://finance.yahoo.com/news/south-koreas-lges-hyundai-motor-050257346.html


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