LG to Build 5 EV Battery Plants in North America

Last week (4-18-22), LG Energy Solution said that it and Indonesia's government will spearhead efforts to develop a seamless supply chain for electric-vehicle (EV) batteries in the resource-rich Southeast Asian nation. The total investment could reach about $9 billion, a source with knowledge of the project said.

5 New Battery Plants in North America

LG Energy Solution is building five battery plants in North America and investing to expand production in Poland and China. LG Energy Solution and Hyundai Motor are building an EV battery plant in Indonesia. Indonesia holds a wealth of nickel deposits. LG projects that the upswing in raw-material prices will continue well into the future due to growing demand from battery producers. The company is collaborating with Indonesia, seeking access to a steady supply of raw materials.

Jakarta looks to develop nickel-related industries that will turn batteries and EVs into the country's key exports. Indonesia has also drawn investment from Chinese company CATL, the world's leading battery supplier.

The partnership is especially keen to secure a stable supply of nickel, for which prices are soaring because of the sanctions on Russia.