Hyundai and LG Energy Solution have opened a $1.1bn battery cell plant in Indonesia as the south-east Asian country works to build an electric vehicle ecosystem. The launch of the country’s first battery plant on Wednesday is part of Indonesia’s push to move up the global EV supply chain. Indonesia has the world’s largest reserves of nickel, a crucial component in EV batteries and steelmaking.
Indonesian officials have also said about 90 per cent of the factory’s products will be exported to South Korea and India. The two companies have a 50-50 stake in the project, which was first announced in 2021. Hyundai also has a car manufacturing plant in Indonesia, with a capacity to produce 250,000 units per year.
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