Posted On : 22 Sep, 2021
Hyundai Motor India Ltd is a wholly-owned subsidiary of the Hyundai Motor Company headquartered in South Korea. Hyundai Motor Company entered the Indian automobile market in 1996. Hyundai Motor and South Korea's LG Energy Solution (LGES) group have started the construction of a $1.1 billion plant that will produce electric vehicle batteries in Indonesia.
Indonesian President Joko Widodo said the plant was the first EV battery facility in Southeast Asia and signaled the government's commitment to using its nickel resources to develop downstream industries.
"Indonesia has the world's biggest nickel reserves and with this potential, I believe in the next three to four years, with good management, Indonesia will be the main producer of nickel-based products, such as batteries," Jokowi, as the president is widely known, said at a ceremony.
A joint statement from Hyundai Motor Group and LGES said, “Construction of the plant will be completed in the mid of 2023”.Furthermore, Battery cells mass production will commence in the first half of 2024.
With the collaboration of Hyundai Motor and South Korea's LG Energy Solution (LGES) group, the new electric vehicle battery plant is going to be constructed and completed by 2023. Indonesia Battery Corporation (IBC) has taken the initiation in the project. Estimation of the project budget can be reached to US$9.8 billion and employ 1,000 workers.
The aim of planting the electric vehicle is to development of Indonesia by providing them employment and economic growth. Once it will operate fully, it is expected to facilitate the production of 10 gigawatt-hours (GWh) of NCMA (nickel-cobalt-manganese-aluminum) lithium-ion battery cells to power more than 150,000 EVs. Moreover, it will increase production capacity up to 30 GWh so that we can meet future growth.
"Through the development of these industries, an EV ecosystem will be successfully developed in Indonesia, and furthermore I am confident Indonesia will play a key role as the hub of Southeast Asia's EVs market," Hyundai Motor Chairman Euisun Chung said.