Tesla Battery Supplier LG Collaborates with Indonesia Over $1.2B Battery Plant: Reuters

  • LG Corp and State-owned Indonesia Battery Corporation (IBC) have collaborated to build a $1.2 billion new battery plant with 10-gigawatt hours (GWh) capacity, Reuters reports based on Indonesian investment minister.
  • Last year, Tesla Inc TSLA supplier LG Energy Solution had inked a $9.8 billion electric vehicle (EV) battery investment agreement with Indonesia. The plant will be built in Bekasi, Jakarta.
  • LG Energy Solution was spun off from LG Chem last year.
  • The first phase of construction will have a production capacity of 10 GWh, which will be later used for Hyundai Motor Co HYMTF EVs.
  • Earlier this year, Hyundai was obligated to replace battery systems for 82,000 EVs following a product recall.
  • The LG consortium includes LG Chem Ltd LGCLF, LG Energy Solution, LG International, South Korean steelmaker POSCO PKX, and Chinese cobalt company Huayou Holdings.
  • LG Energy Solution was in discussions to manufacture Tesla’s latest advanced battery in the U.S. and Europe.
  • Indonesia expects to produce 140 GWh worth of batteries by 2030.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!