EU Approves €90 Billion Ukraine Aid as Frozen Russian Asset Plan Stalls 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Hyundai Motor Group and LG Energy Solution officially break ground to commence the construction of their electric vehicle battery plant in Indonesia. The companies announced they conducted a groundbreaking ceremony on Wednesday, Sept. 15.
According to Yonhap News Agency, Hyundai Motor and LG Energy are joining forces for the production of EV batteries and they are spending $1.1 billion for the building of their lithium-ion battery cell plant in Indonesia’s industrial complex located in the Karawang region. The site is said to be near the South Korean automaker’s production plant.
It was reported that the event was held at the construction site and some senior government officials of Indonesia were present to witness the ceremony. On the other hand, LG Energy’s chief executive officer, Kim Jong Hyun, and Hyundai Motor’s chairman Chung Eui Sun could only make a virtual appearance since they cannot travel due to the COVID-19 pandemic.
Hyundai Motor and LG Energy are targeting mass production of EV batteries in the first half of 2024. The new plant is said to have an annual capacity of producing 10 gigawatt-hour worth of nickel, cobalt, manganese, and aluminum (NCMA) lithium-ion battery cells.
The said capacity is enough to cover more or less 150,000 units of electric vehicles. Moreover, the business partnership’s goal is to provide a steady supply of EV batteries to Kia and Hyundai Motor.
“Hyundai Motor Group is focusing its capabilities on becoming a global leader in the EV market, which is the key to securing future competitiveness and the plant is a part of these efforts,” Chung Eui Sun said in a press release. “Starting with this plant, an EV ecosystem will be successfully established in Indonesia with the development of various related industries. Furthermore, we expect Indonesia to play a key role in the ASEAN EV market.”
Meanwhile, Indonesia is currently the largest nickel producer in the world so it is ideal for Hyundai Motor and LG Energy’s battery plant. Pulse News mentioned that the Indonesian government signed a memorandum of understanding (MOU) with the Korean firms in July for a 50-50 joint venture for the production of EV battery cells in the region. The deal is also beneficial for the country as it has a goal of becoming a major player in the global EV supply chain.
