China’s Huayou replaces LG in Indonesia’s $7.7B EV battery project
China’s Huayou Cobalt replaced LG Energy Solution in Indonesia’s $7.7 billion electric vehicle (EV) battery project. The shift underscores China’s growing influence in Southeast Asia’s EV supply chain.
Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, confirmed that Huayou would replace LG in the Grand Package, a plan to build a comprehensive EV battery ecosystem. The Grand Package, also called Project Titan, included plans to develop raw material mining, processing, and EV battery production in Indonesia.
“Conceptually, the development of the Grand Package has not changed. The infrastructure and production plan remain in accordance with the initial road map. LG is no longer involved and has been replaced by Huayou,” Bahlil said.
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LG Energy Solution signed a memorandum of understanding with Jakarta in December 2020 but exited after prolonged talks.
“Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,” LGES stated.
Investment Minister Rosan Roeslani noted that the government removed LG on January 31 due to a “long negotiation process” spanning five years. The Investor Minister also mentioned that Indonesia considered the Chinese company because Huayou’s technological capabilities positioned it as a suitable replacement to advance the project.
“We want all of this to run well, quickly, but the negotiations have been going on for five years. The government decided to replace LG with Huayou since it expressed interest in the Titan project last year,” Rosan noted.
The transition highlights Indonesia’s determination to maintain momentum in its EV battery ambitions, resulting in deepening ties with China. Huayou’s leadership ensures Project Titan adheres to its original timeline, reinforcing Indonesia’s role in the global EV supply chain.
China’s expanding presence in the EV sector could reshape regional dynamics as Indonesia leverages its rich nickel resources to attract investments. The move also signals challenges for non-Chinese firms navigating Indonesia’s complex investment landscape.
The post China’s Huayou replaces LG in Indonesia’s $7.7B EV battery project appeared first on TESLARATI.
Source: https://www.teslarati.com/china-huayou-vs-lg-indonesia-ev-battery/
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