LG, Hyundai to unveil Indonesia joint venture plan, next week
Posted : 2021-05-25 16:40 By Kim Bo-eun
LG s battery manufacturing unit and Hyundai Motor will unveil a joint venture in Indonesia in early June, sources said Tuesday.
The two companies have been in discussion with Indonesian authorities over the investment for years, and Indonesian Investment Minister Bahlil Lahadalia appears to have visited Seoul for final arrangements before the venture plan is announced.
The minister met with LG Energy Solution CEO Kim Jong-hyun and Hyundai Motor Group Chairman Chung Euisun on Monday, the first day of his four-day visit to Seoul.
Under the joint venture, LG is set to supply its batteries for Hyundai s EV models to be produced in Indonesia. Hyundai is constructing a factory in Bekasi, 20 kilometers east of Jakarta, capable of producing up to 250,000 vehicles on an annual basis. The plant is nearing completion and is set to launch operations within the year. Hyundai is seeking o
LG Corporation has agreed to lead a consortium investing in a new electric vehicle (EV) battery plant in Indonesia, according to reports in South Korea citing industry sources.
The consortium will include the South Korean conglomerate s three subsidiaries LG Chem, EV battery maker LG Energy Solution and its trading unit LG International Corporation, as well as South Korea s largest steel maker Posco and Chinese cobalt company Huayou Holdings.
The plant will primarily supply lithium-ion batteries for EVs made by Hyundai Motor Group, at least initially, but is likely to also target other vehicles manufacturers both domestically and overseas.
An official statement is expected to be made by LG Corporation next week with additional details about the project. So far, the company has not commented on these reports.
The
Kuala Lumpur (VNA) - The Securities Commission
Malaysia (SC) seeks to
broaden Islamic financial technology (fintech) in the country’s capital market
via its FIKRA Islamic Fintech Accelerator Programme (FIKRA).
Addressing a ceremony to launch
FIKRA on May 25, SC Chairman Datuk Syed Zaid Albar said Islamic
fintech in the Malaysian capital market is still at a nascent stage, but there
is great potential for exponential growth with the right ecosystem.
FIKRA is a collaboration between the SC and the United Nations Capital
Development Fund (UNCDF).
It aims to identify and
scale relevant Islamic fintech solutions that can help address three main
Indonesia Battery Corporation and South Korea’s
LG will build a $1.2 billion battery plant in Indonesia; and the copper price has cooled since reaching an all-time high earlier this month.
US steel capacity utilization rate at 79.0%
niteenrk/Adobe Stock
US steel capacity utilization reached 79.0% for the week ending May 22, the American Iron and Steel Institute (AISI) reported.
The rate marked a decline from 79.2% posted the previous week. Meanwhile, the rate for the same week in 2020 had reached just 54.6%.
Production during the week ending May 22 totaled 1,793,000 net tons, down 0.3% from the previous week. However, the output total marked an increase of 46.6% on a year-over-year basis.
People receive their first COVID-19 jabs in Muang district of Phuket (Photo: www.bangkokpost.com)
Hanoi (VNA) - Tourism, which contributed about one-fifth of
Thailand’s economy before the
COVID-19 pandemic, could take another five years to revive fully, said the National Economic and Social Development Council, citing the
The delayed return will impact more than 7 million workers, some of whom may need to find jobs in other fields, the council said. Earlier, some analysts had expected a recovery within two years.
Thailand welcomed nearly 40 million visitors in 2019, generating 60 billion USD in revenue. The Southeast Asian nation, which closed its borders to most