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Indonesia and LG Group sign $9.8 billion EV battery MOU

·1 min read
FILE PHOTO: A man walks past an LG logo at the Mobile World Congress in Barcelona
FILE PHOTO: A man walks past an LG logo at the Mobile World Congress in Barcelona

JAKARTA (Reuters) - Indonesia and South Korean firm LG Group have signed a memorandum of understanding (MOU) on a $9.8 billion electric vehicle battery investment deal, the head of Indonesia's Investment Coordinating Board said on Wednesday.

The deal was signed on Dec. 18 and would also see LG collaborate with other companies, including Hyundai, the board's head, Bahlil Lahadalia, told a news conference, adding that the deal includes investments across the EV supply chain.

Bahlil said the agreement "makes Indonesia the first country in the world to integrate the electric battery industry from mining to (producing) electric car lithium batteries."

(Reporting by Bernadette Christina Munthe; Writing by Fathin Ungku; Editing by Martin Petty)