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Reuters 2 minute read Employees of Hyundai Motor Group leave after the company s new year ceremony in Seoul, South Korea, January 2, 2020. REUTERS/Kim Hong-Ji July 29 (Reuters) - South Korea s Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business. The JV will help Hyundai Motor Co (005380.KS) and its sister company Kia Corp (000270.KS) secure a stable supply of EV batteries at a competitive price for their battery electric vehicles. LG Energy Solution (LGES), the wholly owned battery subsidiary of LG Chem Ltd(051910.KS), and Hyundai signed a memorandum of understanding with the Indonesian government to build the plant in the country, the companies said in a joint statement on Thursday.

South koreaSubhranshu sahuGerry doyleAkriti sharmaThomson reuters trust principlesLg energy solutionHyundai motor coKia corpKorea hyundai motor groupLg chem ltdHyundai motor groupThomson reuters trustதெற்கு கொரியாஜெர்ரி டாய்ல்தாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை ப்ரிந்ஸிபல்ஸ்எல்ஜி ஆற்றல் தீர்வு