JakartaPost-July 30

Indonesia has inked a US$1.1 billion (Rp15.9 trillion) deal with a consortium of South-Korean companies to build an electric vehicle (EV) battery cell factory that will employ around 1,000 workers. The memorandum of understanding (MoU) was signed in an online event on Wednesday by Investment Minister Bahlil Lahadalia as well as representatives of state-owned Indonesia Battery Corporation (IBC) and South Korean companies Hyundai Motor Company and LG Energy Solution. The Korean consortium, held in equal parts by the two Korean firms, will establish a joint venture with IBC to build a battery cell facility in Karawang, West Java, with a production capacity of 10 gigawatt hours (GWh) for Hyundai’s electric vehicles. The two parties aim to start construction in the fourth quarter of this year and complete it in the first half of 2023, with a view to commencing mass production in the first half of 2024.

Read more athttps://www.thejakartapost.com/news/2021/07/29/govt-inks-mou-with-korean-firms-on-1-1b-ev-battery-cell-factory.html.