LG Group Chairman visits Indonesia to boost battery manufacturing amid EV demand slowdown
LG Group
Chairman
Koo Kwang-mo
visited Indonesia this month to assess the group's battery manufacturing and research operations, aiming to bolster competitiveness amidst a temporary decrease in global electric vehicle demand. He inspected
Hyundai LG Indonesia Green Power
, a joint venture with Hyundai Motor Group, and LG Electronics' production and research complex, emphasising collaboration and understanding market dynamics in Southeast Asia. The visit underscores LG's focus on the Global South to leverage growth opportunities in emerging markets.
Koo's visit to Indonesia highlights LG's commitment to strengthening its position in the electric vehicle battery market. The trip comes at a time when the global demand for EVs is experiencing a slowdown. LG aims to use this opportunity to enhance its competitive edge.
A key part of Koo's itinerary was a tour of Hyundai LG Indonesia Green Power. This joint venture between LG Energy Solution and Hyundai Motor Group is located near Jakarta. The facility spans 320,000 square metres.
The plant has an annual capacity of 10 gigawatt-hours. It is Indonesia's first EV battery cell plant. It is also a crucial element in LG's global
battery production network
.
Koo's address to employees
During his visit to the facility, Koo addressed employees, urging them to concentrate on establishing distinct competitive advantages for LG's batteries. He also stressed the importance of working closely with partners.
Koo also toured LG Electronics' production and research complex in Cibitung, West Java. This complex manufactures products such as TVs, monitors, and signage systems. LG Electronics established a local research unit next to the Cibitung plant in 2023.
This has created an integrated base connecting research, production, and sales operations. The company intends to use this base to target the broader Southeast Asian market.
LG has been increasing its efforts to capitalise on growth opportunities in the Global South, including India, Indonesia, Latin America, the Middle East, and Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
an hour ago
- The Print
J-K LG thanks Centre for sanctioning 316 road projects worth Rs 4,200 cr under PMGSY
The LG said J-K was the first state or UT to get sanction under the PMGSY-IV. 'Grateful to Hon'ble PM Shri Narendra Modi Ji & Hon'ble Union Minister of Rural Development Shri Shivraj Singh Chouhan Ji for sanctioning 316 road projects at an estimated cost of Rs. 4224 Cr under Batch-I of PMGSY-IV for providing connectivity to 390 no. of eligible habitations,' Sinha posted on his X account. Srinagar, Jun 10 (PTI) Jammu and Kashmir Lieutenant Governor Manoj Sinha on Tuesday expressed gratitude to the Centre for sanctioning 316 road projects worth over Rs 4,200 crore for the Union Territory (UT) under the Pradhan Mantri Gram Sadak Yojna (PMGSY). 'J&K is first among all States/UTs which got sanction under PMGSY-IV. It is also the biggest-ever package sanctioned for J&K under PMGSY. 'The approved 1781 KMs road length will provide major boost to rural road connectivity and usher in a new era of prosperity in far-flung areas,' he added. The package sanctioned for J-K under PMGSY will provide connectivity to 390 eligible habitations with a population of more than 250 souls. PTI MIJ KSS KSS This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Standard
2 hours ago
- Business Standard
Aayush Wellness Limited to Form Wholly Owned Subsidiary in Singapore to Drive Southeast Asia Expansion
VMPL New Delhi [India], June 10: Aayush Wellness Limited [BSE:539528], an integrated healthcare company dedicated to holistic wellness and innovation, is pleased to announce that its Board of Directors has approved the formation of a wholly owned subsidiary in Singapore with an initial capital investment of SGD 10,000. Highlights:- * Aayush Wellness Limited Stock Price at 52 week High of Rs. 151.05 per share * Income from Operations jump multifold to Rs. 73.34 crore in FY 2024-25 * Net Profit for FY 25 was reported at Rs. 3.05 crore, 434% rise Y-o-Y * Company is planning expansion into preventive healthcare with Smart Health Kiosks & Medical Support centre; To Invest upto Rs. 25 crore in the expansion This strategic expansion marks a significant step in the company's global growth strategy and will serve as a launchpad for its nutraceutical and healthcare products across the rapidly expanding Southeast Asian markets. Mr. Naveena Kumar, Managing Director of Aayush Wellness said, "Our new Singapore-based subsidiary will enable us to tap into one of the world's most dynamic wellness markets, offering greater agility in operations, regulatory efficiency, and direct access to high-growth ASEAN economies. This is a critical step toward building a global wellness brand." Unlocking Regional Potential: The Southeast Asian nutraceutical market is projected to reach USD 15.1 billion by 2028, growing at a CAGR of 7.5%, driven by rising health consciousness, urbanization, and preference for preventive healthcare solutions. Singapore, in particular, stands out as a key market and gateway for regional expansion. The country's nutraceutical sector is valued at over USD 1.3 billion, with steady growth driven by an aging population, high per capita health spending, and a consumer base that actively seeks functional foods, dietary supplements, and herbal wellness solutions. Its strong regulatory framework and international connectivity make it an ideal base for Aayush Wellness's global ambitions. Key Focus Areas of the Subsidiary: * Localizing product offerings to align with regulatory and cultural preferences. * Forging strategic partnerships and e-commerce distribution channels across ASEAN. * Driving export growth from India while expanding the company's international brand presence. * Establishing a regional R & D and innovation hub to adapt to market-specific wellness trends. Aligned with Aayush Wellness's Vision: This development is in line with Aayush Wellness Limited's broader mission to deliver science-backed, sustainable, and natural healthcare solutions globally. The company aims to use its new presence in Singapore to not only access markets in Malaysia, Indonesia, Thailand, and Vietnam, but also to establish a foundation for future global partnerships and innovation. For the Financial year 2024-25 ended 31st March 2025. company has reported income from operations of Rs. 73.34 crore for FY2024-25, multifold growth as compared to the income from operations of Rs. 60 lakh in the corresponding period last year. Net profit of the company for the FY 2024-25 was reported at Rs. 3.05 crore, 434% rise Y-o-Y as compared to the net profit of Rs. 57 lakh in the corresponding period in FY 2023-24. The stock price was up and touched 52 week high of Rs. 151.05 per share on 9 June 2025. The share price was in the buyer circuit for the last many days with good volumes. Aayush Wellness is also taking ambitious strides into offline preventive healthcare. Company has launched its first healthcare centre in Virar (Mumbai), Maharashtra. Inspired by the E Sanjeevani National Telemedicine Service of the Ministry of Health and Family Welfare, Aayush Wellness has installed a health ATM that shall conduct a wide range of diagnostics tests, in 2-3 minutes, maintain digital health records, and also facilitate Telemedicine to address health deficiencies before they become critical. The Company plans to invest up to Rs. 25 crores in the first phase and shall review further investments based on business requirements. This expansion will increase company's physical presence across geographies all over India, improve the offline distribution network for our products and provide complete preventive healthcare solutions under one roof. The Cloud Clinic model through this Health ATM is unique as it will deliver affordable yet high quality healthcare services to under privileged population of India. Solution offer by the company not only promotes early detection and prevention but also empowers individuals, especially those in rural and semi-urban areas, to take charge of their health in an accessible, cost-effective manner." The health ATM shall be able to conduct a up to 59 test including blood test, sugar test, Urine test, Haemoglobin test, skin test, eye test, cancer risk test, Lipid Profile test, and other basic health checkups, at a very affordable price. Further, the health ATM shall also facilitate Telemedicine, maintain Digital Health Records, Cloud connectivity generates smart reports and integration with Ayushman Bharat Digital Mission to benefit majority of the Indian Population About Aayush Wellness Limited: (ISO 9000 and 22000 certified company) Aayush Wellness Limited [BSE scrip code: 539528], established in 1989 is a pioneering name in health and wellness solutions, dedicated to offering products that merge wellbeing with innovation. We are India's preventive healthcare company committed to offer quality products and services to enhance the consumer well-being. Aayush Wellness continues to lead the industry in promoting healthier lifestyle choices through its diverse range of wellness products and services. For more information, please visit
Fashion Value Chain
3 hours ago
- Fashion Value Chain
Da Nang to Target Luxury Tourism from Dubai's Elite
The direct route between Dubai and Da Nang, operated by Emirates – one of the world's most prestigious airlines – has officially launched. These flights from the Middle East, a fast-growth region, are expected to bring significant changes to the coastal city. Sustaining long-term appeal for this class of affluent travellers is now a central concern for Da Nang. The inaugural Emirates flight to Da Nang received a ceremonial welcome Potential from the Middle East Emirates, recently named a global leader in aviation by Forbes Travel Guide 2025, is the largest airline in the Middle East with over 4,100 flights each week from Dubai International Airport to more than 140 cities across 80 countries. The new direct route to Da Nang is a gateway for billionaires from one of the wealthiest regions on earth to access Vietnam's central coast, carrying immense spending power. It also facilitates the arrival of high-end travellers from Europe and the Americas, as Dubai ranks among the world's busiest international transit hubs. According to the Department of Culture, Sports and Tourism of Da Nang, as of April 2025, over 13,000 visitors from Middle Eastern countries had arrived in the city. This figure represents 0.73 percent of total international visitors, with most travellers coming from Iran, Israel and Turkey. With the new Emirates route now in operation, this number is expected to rise sharply, potentially adding trillions of Vietnamese dong in tourism revenue to the local economy. In recent years, Da Nang has made notable progress in diversifying into new high-potential markets. With a keen focus on growth, the city is extending its tourism outreach to areas including the Middle East and Central Asia. Charter flights to Da Nang have already launched from several cities, including Astana and Almaty in Kazakhstan, with seven airlines offering 10 weekly flights from April to October 2025. Centrum-Air Airways is also operating a weekly service from Tashkent, Uzbekistan. According to Tran Chi Cuong, Vice Chairman of the Da Nang People's Committee, the launch of the Emirates Dubai-Da Nang route reduces the travel gap between Da Nang and major global markets such as the Middle East, Europe, North America and Africa. It also helps to strengthen tourism development and opens new avenues for trade, investment, and cultural exchange. Da Nang appeals to affluent travellers To serve high-end tourists, a destination must offer diverse experiences and premium resorts. Travelers from the Middle East are increasingly seeking new places to explore beyond the typical Southeast Asian favourites like Thailand, Indonesia and Singapore. It's a prime opportunity for Da Nang, a city that combines natural beauty with world-class hospitality services, to welcome this affluent market. Sun World Ba Na Hills continually unveiling a diverse range of performances and attractions throughout the yea By May 2025, Da Nang had around 1,290 tourist accommodations, including 111 four and five-star hotels. InterContinental Danang Sun Peninsula Resort, Premier Village Danang Resort, Novotel Danang Premier Han River and Mercure Danang French Village Ba Na Hills, along with international brands such as Hyatt, Sheraton and Marriott which are favoured by Middle Eastern elites. The city boasts 16 tourist sites, with top destinations like Sun World Ba Na Hills and its iconic Golden Bridge, Da Nang Downtown and Than Tai Mountain Hot Spring Park drawing global attention. Golf tourism is another asset for Da Nang. The city features three international-standard golf courses. Ba Na Hills Golf Club, a masterpiece designed by golf legend Luke Donald and managed by IMG, which lauded as Asia's Best Golf Course five times. Da Nang is embracing Halal tourism, to make Middle Eastern guests feel at home. This travel model respects the religious and cultural practices of Muslim travellers, has become a core part to serve this market. Currently, the city has nearly 30 restaurants and eateries offering Halal-certified or Muslim-friendly cuisine. Among them, Halal Indrapura and Bharata Restaurant at Sun World Ba Na Hills, have received official Halal certification. Nguyen Vu Quynh Anh, Deputy CEO of Sun Group and CEO of Sun Hospitality & Entertainment Group, said, 'In addition to high-end services, it is the understanding of culture and the ability to offer culturally refined experiences that allow us to fully meet the needs of these highly discerning guests.' By establishing itself on the Emirates flight map, Da Nang has taken a strategic step forward in tapping into the Middle Eastern tourism market. This new air route is not only a catalyst for tourism growth but also a gateway for expanding trade, investment and cultural cooperation, said Truong Thi Hong Hanh, Director of the Da Nang Department of Culture, Sports and Tourism.
