Posted on 04 Jul 2024
Indonesia has opened the first and largest EV battery gigafactory in Southeast Asia, its President Joko Widodo announced on Wednesday, Kallanish reports.
The plant, a 50-50 joint venture between Hyundai Motor Company and LG Energy Solution, has capacity to produce 10 gigawatt-hours of nickel cobalt manganese aluminium (NCMA) cells per year. Its production will power around 150,000 Hyundai and Kia models annually.
The $9.76 billion investment in Karawang, West Java province, was announced in 2021. It includes a smelter, helping integrate and add value to Indonesia’s natural resources such as nickel, bauxite and copper. The plant complements Hyundai’s $1.22 billion EV manufacturing factory in the province.
“Today we have begun a new chapter in laying a milestone in our commitment to becoming a global player in the battery cell EV ecosystem and also electric vehicles,” Widodo says in a statement.
While the gigafactory is expected to reach full capacity by year-end, partners Hyundai and LGES are set to be preparing an expansion phase. This would involve an investment of $2 billion to add 20 GWh capacity.
On Tuesday, Hyundai Motor Indonesia boosted its promotional efforts to market the all-new KONA Electric, to be manufactured locally. The small SUV will be priced at IDR 500 million ($30,526) and “soon” available for deliveries. The first 500 customers to pre-order will receive one year of free charging worth IDR 5m.
Source:Kallanish
