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Indonesia set to launch Southeast Asia’s largest EV battery factory in June 2024
Indonesian President Joko "Jokowi" Widodo has announced that the country’s first electric vehicle (EV) battery factory will begin operations in June 2024.
The landmark announcement was made during Jokowi's attendance at the 2024 Indonesian Electric Vehicle Industry Association (Periklindo Electric Vehicle Show).
“Building an electric vehicle ecosystem is a priority. The battery industrial factory will start operating in June 2024. We must protect this large building of the EV ecosystem so that there are no obstacles. This is the competitiveness that we want to show that we are indeed ready to compete in the global arena,” Jokowi stated on social media.
The factory, located in Karawang, West Java, is owned by two Korean companies, Hyundai and LG, and is operated through their joint venture, Hyundai LG Industry (HLI) Green Power. Once operational, it is expected to be the largest EV battery factory in Southeast Asia.
The plant will have a production capacity of 30 million battery cells, sufficient for the production of approximately 180,000 electric vehicles. Indonesia is already home to 59 electric vehicle manufacturers and holds significant potential for growth in the EV market, according to the President.
“Domestic production of electric motorbikes has only reached around 100,000 motorbikes out of an existing capacity of approximately 1.6 million motorbikes per year,” he added.
Indonesia's economic growth in the first quarter of 2024 stood at 5.11% year-on-year, according to Statistics Indonesia (BPS). This is the highest level since 2015 and has instilled "optimism amid global recession concerns and economic uncertainty," according to President Jokowi.
"Growth of 5.11% is quite a high figure, and it is a good basis for Indonesia's growth in 2024. We should be thankful because the growth is bolstered not only by consumption but also by investments that continue flowing into our country," he stated.
President Jokowi is expected to hand over office to his Minister of Defence Prabowo Subianto, the President-elect of Indonesia.
Prabowo won the Indonesia election held on February 14 and is expected to assume the presidential office in October with Jokowi’s son Gibran Rakabuming Raka as his vice.
