South Korea's LG Energy Solution exits from $8.4bn Indonesia project

China's Huayou to replace LGES in Indonesian EV battery project, minister says

China's Zhejiang Huayou Cobalt is replacing Korea's LG Energy Solution (LGES) as a strategic investor in one of Indonesia's major electric vehicle (EV) battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday. LGES on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project. Indonesia is keen to develop domestic processing industries to produce batteries and EVs to take …

South Korea's LG Energy Solution exits from $8.4bn Indonesia project

South Korea's LG Energy Solution said Tuesday it had withdrawn from a multibillion-dollar project to build electric batteries in Indonesia, citing a range of issues including the "investment environment."

LG Energy pulls out of $11 billion EV battery project with Indonesia

Indonesia has tried to leverage its large reserves of battery metal nickel to draw investment from foreign firms. Read more at straitstimes.com.

South Korea’s LG Energy Solution pulls out from Indonesia EV battery investment

JAKARTA (Reuters) -South Korea’s LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project in electric vehicle battery making in Indonesia, the company said on Monday. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which include investments across the EV battery supply chain. “Taking into account various factors, including market conditions and in…

LG Energy Solution reportedly withdrew from the 11 trillion won or Rp130 trillion electric vehicle battery supply chain development project in Indonesia.

South Korea’s LG Energy Solution exits from $8.4bn Indonesia project

South Korea’s LG Energy Solution said Tuesday it had withdrawn from a multibillion-dollar project to build electric batteries in Indonesia, citing a range of issues including the “investment environment”. The company signed a 142 trillion rupiah ($8.4 billion) deal in 2020 on the so-called Grand Package project, which aimed to establish a local electric vehicle battery value chain in the country. “Taking into account various factors, including m…