|Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, Sept. 8. Korean automaker Hyundai Motor Group and battery maker LG Energy Solution said Wednesday they have begun construction of a new electric vehicle battery plant in Indonesia. Reuters-Yonhap|
South Korean automaker Hyundai Motor Group and battery maker LG Energy Solution said Wednesday they have begun construction of a new electric vehicle battery plant in Indonesia.
A joint venture between Hyundai Motor and LG Energy broke ground for the $1.1 billion lithium-ion battery cell plant in an industrial complex in Karawang, near the Indonesian capital Jakarta and also close to Hyundai's car factory.
A groundbreaking ceremony was held at the construction site with senior Indonesian government officials, with Hyundai Motor Group Chairman Chung Euisun and LG Energy CEO Kim Jong-hyun joining online due to the pandemic.
The new production line aims to begin mass production in the first half of 2024 and will have an annual capacity of 10 gigawatts, enough to cover approximately 150,000 EVs, the two firms said.
The world's fifth-largest automotive group said the partnership is aimed at securing a stable supply of batteries for its upcoming EVs of its two affiliates ― Hyundai Motor Co. and Kia Corp. ― beginning in 2024.
Hyundai Motor Group aims to expand its EV lineup to more than 23 models and sell 1 million EVs by 2025 to tap deeper into the growing EV market.
Indonesia, the world's largest nickel producer, has set a goal of becoming a major player in the global EV supply chain, ranging from raw material mining to manufacturing batteries and EVs. (Yonhap)