Tesla Battery Supplier LG Collaborates with Indonesia Over $1.2B Battery Plant: Reuters

LG Corp and State-owned Indonesia Battery Corporation (IBC) have collaborated to build a $1.2 billion new battery plant with 10-gigawatt hours (GWh) capacity, Reuters reports based on Indonesian investment minister.
Last year, Tesla Inc (NASDAQ: TSLA) supplier LG Energy Solution had inked a $9.8 billion electric vehicle (EV) battery investment agreement with Indonesia. The plant will be built in Bekasi, Jakarta.
LG Energy Solution was spun off from LG Chem last year.
The first phase of construction will have a production capacity of 10 GWh, which will be later used for Hyundai Motor Co (OTC: HYMTF) EVs.
Earlier this year, Hyundai was obligated to replace battery systems for 82,000 EVs following a product recall.
The LG consortium includes LG Chem Ltd (OTC: LGCLF), LG Energy Solution, LG International, South Korean steelmaker POSCO (NYSE: PKX), and Chinese cobalt company Huayou Holdings.
LG Energy Solution was in discussions to manufacture Tesla’s latest advanced battery in the U.S. and Europe.
Indonesia expects to produce 140 GWh worth of batteries by 2030.

Benzinga