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27 Jul 2021

LG-Hyundai Battery Joint Venture Reported to Start Plant Construction in Indonesia Next Month

27 Jul 2021  by businesskorea.co.kr   

A battery joint venture between LG Energy Solution and Hyundai Motor will break ground for a plant in Indonesia, local media outlets reported on July 28.

Hyundai Motor Group chairman Chung Eui-sun (left) shakes hands with LG Group chairman Koo Kwang-mo during his visit to LG Chem's Ochang plant on June 22, 2020.

“The construction of LG Energy Solution's battery plant will begin in August,” said Bahlil Lahadalia, minister of investment/chairman of the Indonesia Investment Coordinating Board, at a meeting with local reporters on July 27 (local time).

Bahlil said in June that the construction of LG Energy Solution's battery plant will begin in July or early August, but there was no progress regarding the battery plant as of the end of July. LG Energy Solution, however, said it could not disclose details regarding the plan.

LG Energy Solution and Hyundai Motor reportedly plan to invest 1.3 trillion won to build the battery plant with a production capacity of 10GWh per year. Batteries of 10GWh can power 120,000 units of electric vehicles.

Hyundai Motor is building an automobile plant in Indonesia to roll out electric vehicles starting next year. Hyundai Motor is planning to enter Southeast Asia's electric vehicle market faster than its rivals and secure a production plant in the region early to respond to growing demand in the future.

If the joint venture battery plant is built in Indonesia as planned, it will be the first electric vehicle battery plant in Southeast Asia.

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