LGCLF - Hyundai LG Energy Solutions to build Indonesian battery plant together

Hyundai Motor Co. announces that it will begin a $1.1 billion joint venture in Indonesia with South Korean battery maker LG Energy Solution, a spin-off of LG Chemical. The plant is expected to produce 10-gigawatt-hours of battery cells yearly when it is completed in 2023. A typical nuclear reactor produces about 1 gigawatt-hour per year. LG Energy Solution plans to go public later this year after separating from parent company LG Chemical at the end of 2020. Hyundai hopes to use the plant to generate a steady supply of lithium batteries for itself and sister-company Kia Corporation as the two companies shift car production to electric vehicles. Earlier this month, the EU proposed an end to the internal combustion engine by 2035.

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Hyundai, LG Energy Solutions to build Indonesian battery plant together