Investment Ministry Moves Quickly to Meet Huayou After LG's Exit from EV Battery Project
The Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM) has moved swiftly following LG's departure from the electric vehicle battery ecosystem project in Indonesia. BKPM will promptly hold a meeting with Huayou, a Chinese company, to discuss the consortium for the EV battery ecosystem project.
"We are about to meet, God willing, if not this week then next week, we will meet with the Huayou side to discuss and finalise matters," said Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM, Nurul Ichwan, as quoted by Antara on Thursday (24/4/2025).
Nurul Ichwan stated that after confirming LG's exit from the consortium, his office would draw up a new design and plan the involvement of other parties in the domestic EV battery ecosystem facility.
"We will then facilitate the formation of the joint venture," he said.
Previously, Minister of Investment and Downstreaming/Head of BKPM Rosan Perkasa Roeslani explained the news regarding the cancellation of LG's EV battery project investment in Indonesia, which was valued at USD 9.8 billion.
"Indeed, LG's total investment was USD 9.8 billion — this is divided up and is certainly a large investment," said Rosan at a press conference at the State Palace in Jakarta on Wednesday (23/4/2025).
Rosan Roeslani emphasised that the project had not been entirely cancelled but would continue with new partners. "The news about them withdrawing does not mean a complete withdrawal. They have already carried out work on GV number 4 worth USD 1.1 billion. For a project of this scale, negotiations naturally take a long time, and we also want this investment to proceed," he explained.
"We are about to meet, God willing, if not this week then next week, we will meet with the Huayou side to discuss and finalise matters," said Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM, Nurul Ichwan, as quoted by Antara on Thursday (24/4/2025).
Nurul Ichwan stated that after confirming LG's exit from the consortium, his office would draw up a new design and plan the involvement of other parties in the domestic EV battery ecosystem facility.
"We will then facilitate the formation of the joint venture," he said.
Previously, Minister of Investment and Downstreaming/Head of BKPM Rosan Perkasa Roeslani explained the news regarding the cancellation of LG's EV battery project investment in Indonesia, which was valued at USD 9.8 billion.
"Indeed, LG's total investment was USD 9.8 billion — this is divided up and is certainly a large investment," said Rosan at a press conference at the State Palace in Jakarta on Wednesday (23/4/2025).
Rosan Roeslani emphasised that the project had not been entirely cancelled but would continue with new partners. "The news about them withdrawing does not mean a complete withdrawal. They have already carried out work on GV number 4 worth USD 1.1 billion. For a project of this scale, negotiations naturally take a long time, and we also want this investment to proceed," he explained.