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S Korea's Hyundai Motor, LG Energy to build EV battery plant in Indonesia

South Korea's Hyundai Motor Group has partnered with LG Energy Solution Ltd to build an electric vehicle battery cell manufacturing joint venture in Indonesia.

FILE PHOTO: Employees of Hyundai Motor Group leave after the company's new year ceremony in Seoul, South Korea, January 2, 2020. REUTERS/Kim Hong-Ji

29 Jul 2021 08:35AM

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REUTERS: South Korea's Hyundai Motor Group has partnered with LG Energy Solution Ltd to build an electric vehicle battery cell manufacturing joint venture in Indonesia.

Hyundai and LG Energy signed a memorandum of understanding with the Indonesian government to build to a battery plant in the country, the companies said in a joint statement on Thursday.

The companies will invest US$1.1 billion as part of the joint venture.

(Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu Sahu)

Source: Reuters