Advertisement
Australia markets close in 5 hours 1 minute

  • ALL ORDS

    7,851.90
    -85.60 (-1.08%)
     

  • ASX 200

    7,592.50
    -90.50 (-1.18%)
     

  • AUD/USD

    0.6528
    +0.0005 (+0.08%)
     

  • OIL

    83.87
    +0.30 (+0.36%)
     

  • GOLD

    2,341.00
    -1.50 (-0.06%)
     

  • Bitcoin AUD

    98,087.80
    -720.23 (-0.73%)
     

  • CMC Crypto 200

    1,388.18
    +5.60 (+0.41%)
     

  • AUD/EUR

    0.6084
    +0.0011 (+0.18%)
     

  • AUD/NZD

    1.0943
    -0.0014 (-0.13%)
     

  • NZX 50

    11,886.87
    -59.56 (-0.50%)
     

  • NASDAQ

    17,430.50
    -96.30 (-0.55%)
     

  • FTSE

    8,078.86
    +38.48 (+0.48%)
     

  • Dow Jones

    38,085.80
    -375.12 (-0.98%)
     

  • DAX

    17,917.28
    -171.42 (-0.95%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • NIKKEI 225

    37,615.58
    -12.90 (-0.03%)
     

UPDATE 1-Hyundai Motor, LG's battery unit to invest $1 bln in EV partnership

Reuters
·1-min read

(Adds details from the statement, background)

July 29 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business.

The JV will help Hyundai Motor Co and its sister company Kia Corp secure a stable supply of EV batteries at a competitive price for their battery electric vehicles.

LG Energy Solution (LGES), the wholly owned battery subsidiary of LG Chem Ltd, and Hyundai signed a memorandum of understanding with the Indonesian government to build the plant in the country, the companies said in a joint statement on Thursday.

ADVERTISEMENT

The news comes as global automakers move to secure EV batteries in anticipation of a rise in sales because of government subsidies and quotas worldwide seeking to cut carbon emissions.

Construction of the plant will start in the fourth quarter of 2021 and will be completed by the first half of 2023, the companies said.

Indonesia is promoting the domestic development of EV and battery production to create a downstream industry for the country's rich supply of lithium battery ingredient, nickel laterite ore. (Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu Sahu and Gerry Doyle)