LG Chief Visits Indonesia Battery Plant to Inspect Group’s EV Transition Efforts
LG Group Chairman Koo Kwang-mo visited Indonesia to inspect battery manufacturing operations. His tour included the Hyundai LG Indonesia Green Power plant and LG Electronics’ complex to discuss competitiveness in the EV market. The visit underscores LG’s commitment to navigating the current slowdown in global EV demand and expanding in emerging markets.
In an important move this June, LG Group’s Chairman Koo Kwang-mo made a notable visit to Indonesia to review the company’s battery manufacturing and research operations. This visit reflects LG’s ongoing strategy to bolster its competitive stance during what appears to be a momentary dip in global electric vehicle (EV) demand. Group officials confirmed that Koo took a close look at the production lines at Hyundai LG Indonesia Green Power, the first EV battery cell plant in the country, strategically located near Jakarta.
Spanning an impressive 320,000 square meters, this facility boasts an annual capacity of 10 gigawatt-hours. Koo urged employees to enhance their focus on developing a distinct competitive edge for LG’s batteries, especially against stiff competition from global counterparts. He stressed the significance of strong collaboration with partners to weather the current downturn in global EV growth.
Koo’s itinerary also included a tour of LG Electronics’ production and research complex situated in Cibitung, West Java. Products like TVs, monitors, and signage systems are rolled out from this location. Since 2023, LG Electronics has been establishing a research unit next to this plant, creating a crucial integrated facility to streamline research, production, and sales operations, aiming to better penetrate the Southeast Asian market.
During his time in Jakarta, Koo met with local executives at LG Electronics’ sales office. They discussed various topics, including customer needs, distribution trends, and the competitive landscape within the Southeast Asian market. This visit marks LG’s effort to capitalize on emerging opportunities in the Global South, which encompasses regions like India, Indonesia, Latin America, the Middle East, and Africa – places identified for economic growth amidst shifting market dynamics.
Koo Kwang-mo’s visit to Indonesia serves as a clear indication of LG Group’s commitment to enhancing its battery production capabilities in light of slowing EV demand globally. Through this inspection and dialogues with local executives, LG is striving to maintain competitiveness, making important strides in emerging markets, particularly in Southeast Asia. The establishment of integrated facilities suggests a long-term investment in both production and research, key to the company’s broader strategic goals.
Original Source: en.yna.co.kr
