Indonesia and LG Group sign $9.8 billion EV battery MOU
JAKARTA (Reuters) – Indonesia and South Korean company LG Group have signed a memorandum of understanding (MOU) on a $9.8 billion electrical car battery funding deal, the highest of Indonesia’s Investment Coordinating Board talked about on Wednesday.
The deal was signed on Dec. 18 and would moreover see LG collaborate with totally different firms, along with Hyundai, the board’s head, Bahlil Lahadalia, instructed a data conference, together with that the deal consists of investments all through the EV present chain.
Bahlil talked about the settlement “makes Indonesia the first nation on this planet to mix {the electrical} battery enterprise from mining to (producing) electrical car lithium batteries.”
(Reporting by Bernadette Christina Munthe; Writing by Fathin Ungku; Editing by Martin Petty)
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