Indonesia and South Korean firm LG Group have signed a memorandum of understanding (MOU) on a $9.8 billion electric vehicle battery investment deal, the head of Indonesia’s Investment Coordinating Board said on Wednesday.
The deal was signed on December 18 and would also see LG collaborate with other companies, including Hyundai, the board’s head, Bahlil Lahadalia, told a news conference, adding that the deal includes investments across the EV supply chain.
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Bahlil said the agreement “makes Indonesia the first country in the world to integrate the electric battery industry from mining to (producing) electric car lithium batteries.”
South Korea’s Hyundai Motor Group announced it- will introduce an electric vehicle-only platform early next year that will use its own battery technology to cut production time and costs.
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The plan underscores efforts by the world’s No.5 auto group to become a major player in the global EV market, as car makers around the world are pouring billions of dollars of investment to improve battery technology, which keeps EV prices high compared with combustion engine models.
Market leader Tesla said in September it aims to halve the cost of its EV batteries and bring more production of the key auto component in-house to lower EV prices to $25,000 each.
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