Jakarta, MINA – The Indonesian Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia said that by May 2022, Indonesia will produce electric cars.
Bahlil explained that the production of electric cars is an investment by Hyundai worth US$1.55 billion (equivalent to Rp. 21 trillion) which was signed in November 2019, Republika reported.
Although the COVID-19 pandemic has hit since 2020, the South Korean company was able to continue to realize their investments.
“Alhamdulillah, the first phase of the electric car that we signed in November 2019, began construction in 2020 even though the COVID-19 pandemic (in) 2022 at the latest in May, God willing, it has been produced. So the car is patented. So God willing, our production ,” he said at the groundbreaking ceremony for the Hyundai Motor Group and LG Energy Solution in Karawang, West Java on Wednesday.
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In addition to building an electric car factory, Hyundai also formed a consortium consisting of the Hyundai Motor Company, KIA Corporation, Hyundai Mobis, and LG Energy Solution to cooperate with PT Industri Batterai Indonesia or Indonesia Battery Corporation (IBC) to build an electric vehicle battery cell factory (EV) in Karawang, West Java, with a total investment value of US$1.1 billion.
The battery cell facility, which began construction this Wednesday, is planned to have a production capacity of 10 Giga Watt Hour (GwH). Later, this factory will supply electric vehicles produced by Hyundai.
Bahlil said the construction of a battery cell factory with a production capacity of 10 GwH is part of the overall plan for an integrated electric vehicle battery project worth US$9.8 billion (equivalent to Rp. 142 trillion) that has been signed with South Korea.
“Today’s 10 GwH is part of that 9.8 billion US dollars,” said Bahlil. (T/RE1)
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