Hyundai & LG Partner Up For A $1.1 Billion Battery Plant

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Hyundai LG new battery manufacturing plant Indonesia

The new battery production facility, slated to be built in Karawang, Indonesia, will supply batteries for Hyundai and Kia’s upcoming EVs

Hyundai Motor Group and LG Energy Solution have announced a new joint venture for the construction of an EV battery manufacturing plant in Indonesia. The two companies have revealed that they have signed a Memorandum of Understanding (MoU) with the Government of Indonesia for setting up this new EV battery production facility.

The new plant will be built in Karawang, near the country’s capital of Jakarta, and a combined investment of USD 1.1 billion has been planned for the facility. Hyundai and LG will both be owners of a 50 per cent stake in the new joint venture. The new plant will help Hyundai and Kia to be able to maintain a stable supply of EV batteries, that too at an extremely competitive price.

The construction of the facility is slated to commence in the fourth quarter of this year, and it is expected to be completed by the first half of 2023. Mass production of EV batteries in this plant is scheduled to start sometime during the first half of 2024. The annual production capacity is estimated to be around a total of 10 GWh, enough for 150,000 E-GMP based EVs.

Hyundai LG MoU Indonesia Government EV Battery Plant

Indonesia is one of the largest producers of nickel in the world, which is a key ingredient in EV batteries. Also, Karawang has a well-established transportation network, including highways, seaports, and airports. This has resulted in the development of various large-scale industrial complexes across several industries other than automobile, like logistics, electronics, construction, etc.

The new Hyundai-LG battery plant will be set up over 330,000 square metres of land. Once the production begins, the facility will supply batteries for upcoming EVs by Hyundai and Kia. As the demand for electric vehicles keeps on rising globally, the two South Korean automakers are expected to benefit heavily from this new JV.

Hyundai Motor Group aims to become a global EV powerhouse in the future. The group is planning to have at least 23 different models in its combined electric vehicle lineup by 2023, with annual sales reaching up to a billion globally.

The post Hyundai & LG Partner Up For A $1.1 Billion Battery Plant appeared first on Gaadiwaadi.com - Latest Car & Bike News by Kshitij Rawat.



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