A South Korean consortium will invest $9bn in Indonesia to build a mines-to-manufacturing electric vehicle supply chain, as battery makers look to reduce their reliance on Chinese suppliers and mitigate commodity price rises following Russia’s invasion of Ukraine.
The group led by LG Energy Solution, the world’s second-biggest EV battery maker, has signed an agreement with local mining company PT Aneka Tamban (Antam) and Indonesia Battery Corporation.
The project will handle the entire battery production process including smelting and refining nickel, manufacturing precursors, cathode materials and cells, and assembling finished products in the south-east Asian country.
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