Bahlil Said The First Electric Car Battery Factory Will Operate In April 2024

Investment Minister Bahlil Lahadalia (Photo: Antara)

JAKARTA - Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia revealed that PT Hyundai LG Indonesia (HLI) will inaugurate a battery factory with an installed capacity of 10 gigawatt hour (GWh) and will start production in April 2024.

According to data from the Ministry of Investment/Investment Coordinating Agency, investment realization from Hyundai has reached IDR 21.7 trillion. In 2019, Hyundai Motor Company (HMC) announced its investment plan of 1.55 billion US dollars or IDR 21.8 trillion in Indonesia.

Meanwhile, the factory has a production capacity of 10 gigawatts/hours (GWh), consisting of 32.6 million battery cells that can produce approximately 150 thousand electric vehicles. Furthermore, in the second phase, LG also shows its commitment to increase production-coupled capacity to 20 GWH.

"For the first 10 GWh factories, which will be inaugurated from HLI in April, April, 10 GWh has been produced. And now we have started to enter for the construction of the second 20 GW factory," Bahlil said at a press conference in Jakarta, Monday, March 18, 2024.

Then, PT Vale Indonesia Tbk (INCO) is said to have prospects for the development of an electric car battery ecosystem in line with the plan to add capital by granting Pre-emptive Rights (PMHMETD/rights issue) to bring MIND ID as the largest shareholder.

Bahlil stated, with this plan, he is optimistic that Indonesia has bright prospects for building a fairly large car battery ecosystem.

"Global trust in our government, thank God, it is still good, well maintained, several companies that yesterday waited and saw that they did not want to invest have begun to convey that they will soon conduct groundbreaking," he said.