On July 28, Sung Hwan Cho, President and CEO of Hyundai Mobis, and Jong Hyun Kim, President and CEO of LG Energy Solution, attended the MoU signing ceremony held at LG Energy Solution headquarters in Seoul.
The Group and LG Energy Solution announced that they have signed a Memorandum of Understanding (MoU) with the Government of Indonesia to establish a joint venture (JV) in Indonesia to manufacture battery cells for BEVs. to secure a stable supply of battery cells for its battery electric vehicles (BEVs). SEOUL, J– Hyundai Motor Group (the Group) has teamed up with LG Energy Solution Ltd. The battery cell JV will help Hyundai and Kia secure a stable supply of EV batteries at a competitive price for upcoming BEVs.Hyundai Motor Group and LG Energy Solution to invest USD 1.1 billion in the plant and each to own a 50% stake in the joint venture.Factory to begin production in 2024 with an annual capacity of 10 GWh worth of battery cells, enough for over 150,000 battery electric vehicles based on E-GMP.Hyundai Motor Group to partner with LG Energy Solution to build an EV battery cell plant in Karawang, near the Indonesian capital Jakarta.
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