LG Maintains Commitment to Electric Vehicle Ecosystem Investment, Says Investment Minister
Jakarta (ANTARA) - Investment and Downstream Industries Minister/Head of the Investment Coordinating Board (BKPM) Rosan Roeslani stated that LG, which had previously been reported to have cancelled its investment in the electric vehicle (EV) ecosystem project, has not entirely withdrawn from the development of the project.
He explained that the project comprises four joint ventures with different development focuses, and confirmed that LG remains involved in one of the joint ventures in the project known as the Grand Package.
"What I wish to convey is that LG's commitment remains substantial," he said in Jakarta on Tuesday.
Rosan noted that in the initial phase of investment, LG had already realised capital investment of 1.1 billion US dollars or Rp18.4 trillion (at an exchange rate of Rp16,764), and plans to add a further 1.7 billion US dollars or Rp28.5 trillion in the second phase of battery cell development under the Grand Package project.
"So the total investment could reach, once completed, 2.8 billion US dollars (Rp46.9 trillion) for joint venture number four, which is in line with the initial target for this particular joint venture," he added.
Furthermore, Rosan said he would visit the battery factory already built by LG in Karawang, West Java, the following day, which was the result of the initial phase of investment.
"Tomorrow I will also visit the battery factory, because there have been preliminary discussions with our side, and in fact they wish to increase their investment," he said.
He explained that the project comprises four joint ventures with different development focuses, and confirmed that LG remains involved in one of the joint ventures in the project known as the Grand Package.
"What I wish to convey is that LG's commitment remains substantial," he said in Jakarta on Tuesday.
Rosan noted that in the initial phase of investment, LG had already realised capital investment of 1.1 billion US dollars or Rp18.4 trillion (at an exchange rate of Rp16,764), and plans to add a further 1.7 billion US dollars or Rp28.5 trillion in the second phase of battery cell development under the Grand Package project.
"So the total investment could reach, once completed, 2.8 billion US dollars (Rp46.9 trillion) for joint venture number four, which is in line with the initial target for this particular joint venture," he added.
Furthermore, Rosan said he would visit the battery factory already built by LG in Karawang, West Java, the following day, which was the result of the initial phase of investment.
"Tomorrow I will also visit the battery factory, because there have been preliminary discussions with our side, and in fact they wish to increase their investment," he said.