Hyundai, LG To Build $1.1 Billion Electric Vehicle Battery Plant In Indonesia To Tap Nickel Supply
The 50-50 joint venture in Indonesia's West Java province will break ground this year and start production in 2024 with annual capacity for 10 gigawatt hours of battery cells.
—near vehicles being made in the same country and not far from EV end markets in surrounding countries, says Sam Abuelsamid, principal research analyst at Guidehouse Insights.“Nickel is fairly common in many parts of the world, including North America, but having a local source where you produce cells and battery electric vehicles certainly helps to contain costs,” Abuelsamid says. “Indonesia is fairly centrally located to supply BEVs to many countries in Southeast Asia, Australia and New Zealand where Hyundai Motor Group has fairly significant sales volume.”
The Indonesian EV market itself was worth $364 million in 2019 and is expected to grow to $816.22 million by 2025, analysis firmResearchAndMarkets forecasts. It cites concerns in Indonesia about greenhouse gas emissions and government incentives to encourage domestic EV manufacturing.
Hyundai, among other automakers, has grappled over the past several years with limited cell supplies, forcing it to limit the number of vehicles sold in the United States, Abuelsamid adds. Read more: Forbes »
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