LG Chairman Pushes Battery Growth at Indonesia JV with Hyundai

Earlier this month, LG Group Chairman Koo Kwang-mo visited HLI Green Power, a 50:50 battery joint venture between LG Energy Solution and Hyundai Motor Group in Indonesia, and underlined the conglomerate's commitment to expanding its battery businesses.

Key Highlights:

• LG Chairman visits Indonesia plant, reinforces battery business commitment.
• HLI Green Power achieves 96% yield, powering 150,000 EVs annually.
•  Koo urges unity, innovation amid EV market stagnation and global competition

Koo visited the battery cell manufacturing facility at HLI Green Power on Monday, according to LG, and emphasized the necessity of collaboration and unity with partners in order to overcome a stagnant market for electric vehicle. HLI Green Power, the nation's first EV battery manufacturing facility, is situated in Karawang, West Java. It started production in April of last year and has an annual production capacity of 10 gigawatt-hours, or enough to power roughly 150,000 EVs. Four months after mass production began; the joint battery plant reported a 96 percent yield rate.

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The head of LG urged the joint venture's battery workers to obtain a competitive advantage and differentiate themselves in the marketplace. Koo expressed his optimism that the battery foothold will become "the heart of future transportation" in a post commemorating his visit on a battery cell product.

“Although the EV chasm is lasting longer than expected and the competition (with Chinese battery makers) is heating up, (Koo’s visit) shows his determination to thoroughly prepare for (post-EV-chasm) times even at a moment like this,” said an LG official.