The South Korean automaker Hyundai Motor Group and one of the leading battery producer LG Energy Solution are joining hands to establish a $1.1 billion electric vehicle battery plant in Indonesia.
Both the companies have signed a memorandum of understanding (MoU) with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, which will be enough for 150,000 electric vehicles.
The proposed factory is to be built on a 330,000-square-meter plot of land in Karawang, near the capital is to break ground in the fourth quarter of this year. Construction is slated to be completed in the first half of 2023 and the factory will begin mass production of the battery cells in the first half of the following year.
The battery cells produced in the Indonesian plant will be used in Hyundai Motor and Kia models built upon Hyundai’s Electric-Global Modular Platform platform.
The signing ceremony of memorandum of understanding was held at LG’s headquarters in Seoul in which the President and Chief Executive Officer of Hyundai Mobis Cho Sung-hwan, the President and Chief Executive Officer of LG Energy Solution Kim Jong-hyun and others.
About LG Energy Solution
It is a energy industry that develops distinguished materials and next-generation batteries. It is one of the leading chemical-based battery company in the world.
About Hyundai
It is a South Korean multinational automotive manufacturer based in south Korea. The company currently owns 33.88 percent of Kia Corporation, and also fully owns two marque including its luxury cars subsidiary, Genesis Motor, and electric vehicle sub-brand, Ioniq.
