Hyundai, LG Energy launch Indonesia's first EV battery plant
Hyundai, LG Energy launch Indonesia's first EV battery plant
Hyundai Motor Group and LG Energy Solution (LGES) launched Indonesia's inaugural battery cell production plant for electric vehicles on Wednesday, boasting an annual capacity of 10 Gigawatt hours (GWh). This milestone is part of Hyundai Motor and LGES's commitment to invest up to USD 9.8 billion in Southeast Asia's largest economy, aimed at establishing a robust EV supply chain utilising Indonesia's abundant nickel and copper resources.
"Indonesia's mineral wealth, including nickel and iron, are crucial components for batteries that will power millions of EVs globally," remarked Euisun Chung, Executive Chair of Hyundai Motor Group, during the plant's inauguration.
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The plant is adjacent to Hyundai’s auto production line and will first assemble 50,000 units of Kona Electric SUV per year with locally assembled batteries in Indonesia. There are also plans to conduct the second phase of construction with a further investment of USD 2 billion that would increase the plant's generation capacity by 20 GWh.
In 2021, both companies re-affirmed their partnership for battery cell plant in West Java province that will require an investment of USD 1.1 billion for the production of batteries for more than 150,000 electric vehicles per year.
President Widodo stated that the plant would play a crucial role in defending Indonesia’s position in the global EV supply chain and establishing a processing industry domestically. “This is the first and largest EV battery cell plant in Southeast Asia, and we are so lucky to have abundant nickel resources, bauxite, and copper in Indonesia,” Jokowi stressed during the ribbon cutting.
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Indonesia, the largest global nickel producer, decided in 2020 that it would cease exporting raw nickel in a bid to foster the development of local processing facilities. At the event, Indonesia’s Investment Minister Bahlil Lahadalia and South Korea’s Minister for Trade Cheong Inkyo agreed on the cooperation in the field of electric vehicles, petrochemicals, and carbon capture utilization and storage, efforts encompassing clean technologies, such as carbon dioxide capture and storage as mentioned by South Korean trade ministry.
