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September, 17th 2021

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JUL 29
14:35

Hyundai Motor Group, LG Energy Solution to build 10 GWh gigafactory in Indonesia

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South Korea’s Hyundai Motor Group and LG Energy Solution will invest $1.1 billion to build a battery gigafactory in Indonesia to serve the Hyundai and Kia brands, Kallanish reports.

The 10-gigawatt-hour EV battery cell plant will be located in Karawang, near Jakarta. The facility will produce enough NCMA (nickel, cobalt, manganese, aluminium) cells to power 150,000 EVs from the group.

Construction of the plant is slated to start in Q4 2021 and be completed by H1 2023. Mass production is planned for the first half of 2024.

The 50-50 joint venture is taking advantage of Indonesia’s aggressive fostering of an EV industry ecosystem and its abundant nickel supply. Karawang offers the partners access to a “well-established” transportation network including ports, airports and highways, the group explained on Thursday.

Details of the terms agreed with the Indonesian minister weren’t revealed.

Hyundai Motor Group is pledging to become a global EV powerhouse, targeting BEV sales of 1 million units per year by 2025. Then, the group should have a BEV line-up of over 23 models.

Gabriela Farhangi UK