Hyundai and LG Energy Solution have opened a $1.1bn battery cell plant in Indonesia as the south-east Asian country works to build an electric vehicle ecosystem.
The launch of the battery plant on Wednesday is part of Indonesia’s push to move up the global EV supply chain. The country has the world’s largest reserves of nickel, a crucial component in EV batteries and steelmaking.
Jakarta has stepped up efforts in recent years to bring in investments for nickel processing and battery and car manufacturing. Chinese automaker BYD and Vietnam’s VinFast said this year that they would begin EV manufacturing in Indonesia.
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