Hyundai and LG Energy Launch Indonesia’s First EV Battery Factory

Indonesia’s first production plant for battery cells for electric vehicles was officially launched on Wednesday by South Korean carmaker Hyundai Motor Group and battery manufacturer LG Energy Solution as the Southeast Asian country looks to take advantage of its raw material supply to move up the EV value chain. Hyundai Motor Group partnered in 2021 with LG Energy Solution to build an EV battery cell plant in Karawang, near the Indonesian capital Jakarta. The companies invested $1.1 billion in the plant and each owns a 50%…