Hyundai Motor Group and LG Energy Solution began the construction of a joint battery cell plant in Indonesia with an aim to start production in the first half of 2024.
The two companies announced that a groundbreaking ceremony was held both online and offline at the local plant site in Karawang New Industry City in Indonesia and at the South Korean HQs on Wednesday. The event was attended by Indonesian President Joko Widodo and the country’s ministers. On the South Korean side, Chairman of Hyundai Motor Group Chung Eui-sun, CEO of LG Energy Solution Kim Jong-hyun, CEO of Hyundai Mobis Cho Sung-hwan, and others attended online.
“We are focusing Hyundai Motor Group’s capabilities to become a global leader in the electric vehicle sector,” said Chung. “Today’s groundbreaking ceremony is a meaningful event that marks a beginning for Indonesia, Hyundai Motor Group, and LG Group to secure future industrial competitiveness and achieve sustainable growth.” CEO Kim said that they are one step closer to building an integrated supply chain for electric cars for the first time in the world. “I hope cooperation between South Korea and Indonesia go smoothly with continued innovation and active support in licensing,” said President Widodo.
The joint plant in Indonesia will be completed in the first half of 2023 with a production capacity of 10 GWh battery cells per year, which will serve more than 150,000 electric vehicles. Once the market expands, its production capacity can double. The two South Korean companies each own 50 percent of the share and invest 1.1 billion dollars in agreement with the Indonesian government.
Gun-Huk Lee email@example.com