Modern automobileThe group and LG New Energy will jointly build a battery factory in Indonesia, the first of its kind between the two South Korean companies aimed at serving the global electric vehicle market.
According to LG New Energy, a unit of LG Chemical, the two companies will invest a total of $1.1 billion to build the first plant in Southeast Asia to produce electric car batteries. Construction will begin in the fourth quarter and commercial production will begin in the first half of 2024, the two sides said in a joint statement.
"Indonesia is one of the largest nickel producers in the world, which is a key raw material for electric vehicle batteries," Hyundai and LG New Energy said in a statement on Thursday. "the Indonesian government has agreed to provide various incentives and incentives to support the stable operation of the plant."
The new plant, to be built in Galajuan, 65km southeast of Jakarta, will have a capacity of 10GWh, enough to assemble more than 150000 electric vehicles.