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An LG-led consortium will build a $1.2 billion electric vehicle battery factory in Jakarta with an annual capacity of 10-gigawatt hours to supply Hyundai Motor Co.
The LG consortium consists of LG Chem Ltd., LG Energy Solution Ltd., LG International Corp., South Korean steelmaker POSCO, and Chinese cobalt firm Huayou Holdings.
State-run Indonesia Battery Corp. will cooperate with the consortium said Indonesia’s Investment Minister Bahlil Lahadalia.
Indonesia hopes to become a major player in the global EV supply chain, ranging from manufacturing batteries and EVs to raw material mining.
The Southeast Asian country is the world’s largest nickel producer.
