BKPM Chief Confirms LG Remains Committed to EV Battery Investment in Indonesia, Valued at Rp46.9 Trillion
Investment Minister and BKPM Chief Rosan P. Roeslani has confirmed that LG continues to demonstrate its commitment to developing the electric vehicle (EV) battery industry in Indonesia.
Although LG previously withdrew from three initial joint venture (JV) projects, the South Korean company has realised an investment worth US$1.1 billion in a fourth JV project focused on battery cell production.
Beyond this, LG is now planning to add a further US$1.7 billion in investment for a second phase of expansion, bringing the total investment in this fourth project to potentially US$2.8 billion, or approximately Rp46.9 trillion.
This move demonstrates that despite the dynamics and challenges facing the global electric vehicle industry, Indonesia remains a strategic destination for major investors such as LG.
The government continues to maintain intensive communication with LG to ensure the continuation and expansion of this project, which simultaneously strengthens Indonesia's position in the global EV battery supply chain.
Although LG previously withdrew from three initial joint venture (JV) projects, the South Korean company has realised an investment worth US$1.1 billion in a fourth JV project focused on battery cell production.
Beyond this, LG is now planning to add a further US$1.7 billion in investment for a second phase of expansion, bringing the total investment in this fourth project to potentially US$2.8 billion, or approximately Rp46.9 trillion.
This move demonstrates that despite the dynamics and challenges facing the global electric vehicle industry, Indonesia remains a strategic destination for major investors such as LG.
The government continues to maintain intensive communication with LG to ensure the continuation and expansion of this project, which simultaneously strengthens Indonesia's position in the global EV battery supply chain.