（Cover image source: Bloomberg News）
According to Reuters, the head of Indonesia’s Investment Coordinating Board recently announced that Indonesia has signed an electric vehicle battery investment agreement with LG Energy Solution, a subsidiary of South Korea’s LG Group, with an investment amount of US$9.8 billion.
Indonesian official Bahlil Lahadalia stated in a press conference that the cooperation agreement between Indonesia and LG includes investment in the entire electric vehicle supply chain. The signing of the agreement makes Indonesia the world’s first country to fully integrate the electric vehicle battery industry chain from mining to lithium battery production.
（Image source: Detroit Free Press）
Earlier this month, there were reports that Tesla will discuss an investment in the electric vehicle supply chain with Indonesia early next year. Subsequently, Indonesia revealed that CATL will invest US$5 billion in lithium battery production in Indonesia, which is expected to start production in 2024.
Indonesia has abundant nickel ore resources, and in recent years, Indonesia has frequently imposed nickel export bans in order to localize the processing industry of nickel ore resources.
🔗Information source: Reuters, Electrek
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.