Recently,Hyundai Motor Group（Hyundai Motor Group and LG Energy Solutions have invested up to $1.1 billion in a joint ventureIndonesiaThe official operation of the battery factory marks a solid step for Indonesia in building an electric vehicle manufacturing center.

This modern battery factory located in West Java Province, IndonesiaSince the announcement of construction in 2021, it has attracted attention from the industry. With its official production on July 3rd, it not only became Indonesia's first foreign-funded battery factory, but also a key milestone for the Indonesian government to promote downstream supply chain construction in the electric vehicle manufacturing industry.

Indonesian Minister of Ocean Affairs and Investment Coordination, Panjetan（Luhut Binsar Pandjaitan stated at the celebration that the factory's annual production capacity will be sufficient to support the power demand of 50000 electric vehicles, injecting strong momentum into the electric vehicle market in Indonesia and even globally.

The Indonesian government is well aware of its huge advantage in the nickel resource of battery raw materials, which accounts for half of the global metal production, and is expected to continue to grow in its share in the next decade. Therefore, the Indonesian government actively utilizes this advantage to attract leading companies in the global electric vehicle industry to invest and build factories through policy measures such as tax incentives and low energy costs.

Modern andLG's joint venture battery factory is a shining gem under this strategic vision. It will not only promote the development of Indonesia's local battery industry, but also drive the upgrading and improvement of the entire electric vehicle industry chain.

It is worth noting that the two giants in China's electric vehicle industry——Contemporary Ampere Technologies Limited (CATL) and BYD Corporation Limited (BYD) have also announced the establishment of production bases in Indonesia, further confirming Indonesia's enormous potential and attractiveness in the field of electric vehicles. The entry of these international giants will not only bring advanced production technology and management experience to Indonesia, but also promote local employment and economic growth, achieving a mutually beneficial development situation.

Modern andThe official production of LG's joint venture battery factory is not only a fruitful result of cooperation between both parties, but also a vivid portrayal of the coordinated development and common progress of the global electric vehicle industry. With the continuous expansion of the electric vehicle market and technological progress, we have reason to believe that this battery factory located in Indonesia will become one of the important forces driving the development of the global electric vehicle industry.