Indonesia Powers Up: First EV Battery Plant Launched With Hyundai and LG Energy Solution
Portfolio Pulse from Lekha Gupta
Hyundai Motor Company and LG Energy Solution have launched Indonesia's first EV battery plant with a capacity of 10 GWh. They plan to invest up to $9.8 billion to develop an EV supply chain in Indonesia, leveraging the country's rich nickel and copper resources. The facility will support Hyundai's production of 50,000 Kona Electric SUVs annually.
July 03, 2024 | 1:44 pm
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Hyundai Motor Company has launched Indonesia's first EV battery plant with LG Energy Solution, aiming to produce 50,000 Kona Electric SUVs annually. The companies plan to invest $9.8 billion to develop an EV supply chain in Indonesia.
The launch of the EV battery plant and the significant investment in Indonesia's EV supply chain are likely to boost Hyundai's production capabilities and market position in the EV sector, positively impacting its stock price.
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