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World News July 4, 2024

Indonesia inaugurates Southeast Asia’s first EV battery plant

Indonesia, home to the world’s largest nickel reserves, celebrated the inauguration of Southeast Asia’s inaugural electric vehicle battery manufacturing plant in Karawang, West Java Province, on Wednesday. Jointly owned by Indonesia Battery Corporation, South Korean automaker Hyundai, and battery manufacturer LG Energy Solution, the plant marks a significant step in Indonesia’s ambition to dominate the electric vehicle market.

President Joko Widodo expressed confidence in Indonesia’s competitive edge, citing abundant nickel, bauxite, and copper resources alongside integrated smelter and precursor industries. The $1 billion initial investment will yield 10 GWh of battery cells, sufficient for 150,000 electric vehicles, with future plans to expand production to 20 GWh.

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan emphasized Indonesia’s readiness to play a pivotal role in the global electric vehicle supply chain. He highlighted the initiative’s dual benefits of reducing carbon emissions and enhancing air quality, ultimately improving quality of life.

Source – CGTN

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