LG Chief Visits Indonesia Battery Plant to Inspect Group’s EV Transition Efforts
LG Group Chairman Koo Kwang-mo visited Indonesia to inspect the group’s battery plant and research operations amid a global EV demand slowdown. The visit included a tour of a key joint venture facility and a manufacturing complex, where Koo emphasized competitiveness and collaboration as essential strategies for growth in the electric vehicle market.
In a recent visit to Indonesia, LG Group Chairman Koo Kwang-mo conducted an inspection of the group’s battery manufacturing and research operations, amid a noted dip in the global demand for electric vehicles (EVs). The visit was aimed at reinforcing LG’s competitiveness in the EV market, particularly as demand reportedly experiences a slowdown worldwide.
During his trip earlier this month, Koo toured Hyundai LG Indonesia Green Power, which is a joint venture between LG Energy Solution and Hyundai Motor Group located near Jakarta. This facility spans 320,000 square meters and has a production capacity of 10 gigawatt-hours annually. Notably, it marks Indonesia’s first EV battery cell plant, serving as a fundamental component in LG’s extensive battery production network.
Koo, during his visit, urged employees to enhance the unique competitiveness of LG’s batteries when stacked against global competitors. He highlighted the necessity for tight collaboration with business partners in order to navigate the current downturn in global EV demand growth.
In addition to the battery plant, Koo also toured LG Electronics’ production and research complex in Cibitung, West Java. This site is responsible for manufacturing diverse products, including TVs, monitors, and signage systems. The establishment of a local research unit next to this plant in 2023 has facilitated a seamless integration of research, production, and sales operations, enabling LG to better penetrate the Southeast Asian market.
At LG Electronics’ Jakarta sales office, Koo engaged with local executives. They discussed various aspects such as local customer demands, distribution trends, and the competitive landscape in Southeast Asia.
Furthermore, LG is intensifying efforts to pursue growth opportunities in the Global South, which comprises regions like India, Indonesia, and parts of Africa and Latin America. This strategy aligns with the company’s aim to leverage the economic upturn in these emerging markets.
In summary, Koo Kwang-mo’s visit to Indonesia highlights LG Group’s commitment to enhancing its position in the battery manufacturing sector, particularly amidst a slowdown in global EV demand. By inspecting both the EV battery plant and LG Electronics’ expansive operations, Koo emphasized the need for differentiation and collaboration to overcome market challenges while pursuing growth in emerging regions. This strategic focus underscores LG’s adaptive approach in a constantly evolving market landscape.
Original Source: en.yna.co.kr
