However, both Hyundai and LG executives did not yet reach a decision in their potential business plans.
“Hyundai Motor Group has collaborated with LG Chem in various projects. At this moment, there has yet to be any concrete discussions regarding a joint venture for car battery production in Indonesia,” said a Hyundai representative to Reuters.
Should the joint venture between the two South Korean giants take place, it will be the first attempt for Hyundai in car battery production.
Plans to start car battery production in Indonesia is quite strategic considering Hyundai started construction of a factory in the archipelagic nation.
This is Hyundai’s effort to challenge Toyota’s dominating presence in Indonesia.
Indonesia’s Minister of Industry Agus Gumiwang Kartasasmita first raised the topic of LG’s investment plans for car battery production in Indonesia back in 2019.
The minister even participated in a study about electric motors.
“South Korean company LG Chemical has expressed its desire to build an integrated factory for car battery production in Indonesia. The factory would produce battery cells, module batteries as well as provide facilities for recycling batteries,” said Agus on November 21.
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