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Hyundai Motor Company (OTC:HYMTF) and LG Energy Solution (LGES) reportedly launched Indonesia’s first battery cell production plant for electric vehicles, with an annual capacity of 10 Gigawatt hours (GWh).
Hyundai Motor and LG Energy Solution plan to invest up to $9.8 billion in Indonesia to develop an EV supply chain, tapping into the country’s rich nickel and copper resources, reported Reuters.
As per the report, the facility is linked with Hyundai’s automotive plant, slated to commence production of 50,000 units annually of the Kona Electric SUV using batteries manufactured in Indonesia.
At the factory’s opening ceremony, Hyundai Motor’s Executive Chair Euisun Chung, said, “Mineral resources of this nation, such as iron and nickel are important components in batteries that will mobilise millions of EVs globally.”
In 2021, the companies announced a $1.1 billion investment in a battery cell plant located in West Java province, with an annual capacity to power over 150,000 battery-based electric vehicles.
Hyundai and LGES are preparing to embark on the second phase of the battery plant project, investing $2 billion to add 20 GWh capacity.
Indonesia’s President Joko “Jokowi” Widodo said the plant would cement the country’s key position in the EV global supply chain as it establishes a domestic processing industry, per the report.
“This is the first and largest EV battery cell plant in Southeast Asia, and I am sure we will be able to win this competition with other countries because the nickel, bauxite and copper are here,” Jokowi said.
Also Read: Hyundai Workers Threaten Strike Over Pay and Retirement Age: Report
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Maryland GovPics via Flickr
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