Hyundai Motor Group and LG Energy Solution have announced a Memorandum of Understanding with the Government of Indonesia to manufacture battery cells for EVs.
Hyundai and LG will invest a total of $1.1 billion to build a jointly-owned battery cell plant in Karawang, Indonesia. Plant construction is scheduled to begin in the fourth quarter of 2021, and will be completed by the first half of 2023. Mass production of battery cells in the new facility is expected to commence in the first half of 2024.
The new factory will be built on a 330,000-square-meter parcel of land. When fully operational, the facility is expected to produce a total of 10 GWh worth of NCMA lithium-ion battery cells every year, enough for more than 150,000 EVs. Battery cells produced by the plant in Karawang will be used in Hyundai and Kia EVs.
Source: Charged EVs