South Korea's Hyundai Motor Group and LG Chem Ltd are considering establishing an electric vehicle (EV) battery cell manufacturing joint venture in Indonesia, a person with direct knowledge of the matter told Reuters on Tuesday.
SEOUL - South Korea’s Hyundai Motor Group and LG Chem Ltd are considering establishing an electric vehicle battery cell manufacturing joint venture in Indonesia, a person with direct knowledge of the matter told Reuters on Tuesday.
The news comes as global automakers move to secure electric vehicle batteries in anticipation of a rise in EV sales due to government subsidies and quotas worldwide seeking to cut carbon emissions. LG Group Chairman Koo Kwang-mo met Hyundai Motor Group Executive Vice Chairman Euisun Chung on Monday to discuss cooperation in EV batteries, including future battery technology.
LG Group’s biggest companies include LG Chem and LG Electronics Inc. Hyundai Motor Group includes automakers Hyundai Motor Co and Kia Motors Corp as well as auto parts maker Hyundai Mobis Co Ltd.
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