JAKARTA - South Korea's Hyundai Motor Group and LG Energy Solution on Wednesday launched Indonesia's first battery cell production plant for electric vehicles (EVs) with an annual capacity of 10 Gigawatt hours (GWh) of battery cells.
The companies announced in 2021 that they were investing US$1.1 billion in the battery cell plant in Indonesia's West Java province that would have enough capacity to power more than 150,000 battery-based electric vehicles per year.
The Indonesian government has said Hyundai and LG are committed to invest up to $9.8 billion in Southeast Asia's largest economy to develop an EV supply chain, taking advantage of its rich resources of critical minerals such as nickel and copper.
Indonesia, the world's top producer of nickel, banned exports of raw nickel in 2020 to encourage investment into domestic processing of the minerals.
In Thailand:
