Tuesday, July 16, 2024

Hyundai and LG Energy Solution Launch Indonesia’s First EV Battery Cell Plant

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Hyundai Motor Group and LG Energy Solution have officially inaugurated Indonesia’s inaugural battery cell production plant for electric vehicles, marking a significant stride in the region’s automotive industry. The facility, capable of producing ten gigawatt-hours (GWh) annually, is part of a billion-euro investment initially announced in 2021 to bolster Indonesia’s electric vehicle supply chain.

Located on the premises of an existing Hyundai manufacturing plant, where approximately 50,000 units of the Kona Electric are currently produced annually, the new battery cell factory underscores Indonesia’s strategic advantage in raw materials, particularly nickel and copper.

“Mineral resources of this nation, such as iron and nickel, are important components in batteries that will mobilize millions of EVs globally,” stated Euisun Chung, CEO of the Hyundai Motor Group.

The joint venture between Hyundai and LGES is expected to supply battery cells not only for local production of the Kona Electric but also for potential export to support global demand. Plans are already underway to expand the plant’s capacity by an additional 20 GWh, with an estimated investment of two billion dollars, aimed at further solidifying Indonesia’s role in the international electric vehicle market.

Indonesia’s ambitious strategy includes not only harnessing its abundant natural resources but also enhancing local value addition through domestic processing of mined materials, aligning with Jakarta’s broader economic goals.

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