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.
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