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LG Energy Solution (LGES) has officially exited a massive 142 trillion rupiah ($8.45 billion) electric vehicle battery project in Indonesia, the company confirmed on Monday. The move marks a significant shift from its earlier commitment to the “Indonesia Grand Package,” a comprehensive deal signed in 2020 that aimed to develop the full EV battery supply chain in partnership with the Indonesian government.
In a statement, LGES cited “market conditions and the investment environment” as key reasons for the withdrawal. Despite stepping back from the Grand Package project, the South Korean battery giant emphasized that it remains committed to collaboration in Indonesia through HLI Green Power, a battery production joint venture with Hyundai Motor Group.
HLI Green Power inaugurated Indonesia’s first EV battery cell manufacturing plant last year, boasting an annual production capacity of 10 gigawatt-hours (GWh). Plans are already underway for a second-phase expansion to boost production.
Indonesia, rich in nickel reserves, has positioned itself as a key player in the global EV battery market and has been courting major investors like LGES to develop its domestic battery ecosystem. The withdrawal of LGES raises questions about investor confidence in the region’s regulatory and economic landscape.
Indonesian investment authorities and state-owned firms Aneka Tambang and Indonesia Battery Corporation—both initially slated to collaborate with LGES—have not issued any public statements regarding the withdrawal.
While LGES has pulled out of this high-profile initiative, its continued involvement in other joint ventures indicates ongoing interest in Indonesia’s EV ambitions. The decision reflects broader industry shifts as global EV battery manufacturers reassess their international strategies amid fluctuating market dynamics.
