LG Chairman Visits Indonesia Battery Plant to Strengthen EV Production Efforts
LG Group Chairman Koo Kwang-mo visited Indonesia to inspect the company’s battery manufacturing operations as part of efforts to strengthen its position in the EV market amid a slowdown in global demand. He toured the Hyundai LG Indonesia Green Power facility and stressed the importance of competitiveness and collaboration with partners. Koo also visited LG Electronics’ complex in Cibitung and met local executives to discuss market trends.
In a move reflecting LG Group’s commitment to electric vehicle (EV) production, Chairman Koo Kwang-mo visited Indonesia’s battery manufacturing facilities this month. This visit, reported by the group on Monday, seeks to enhance LG’s competitive edge as the demand for EVs globally experiences a lull.
Koo’s inspection included a tour of the Hyundai LG Indonesia Green Power, a collaborative venture between LG Energy Solution and Hyundai Motor Group. This facility, strategically located near Jakarta, is noteworthy as Indonesia’s first EV battery cell plant, boasting an impressive annual capacity of 10 gigawatt-hours spread across a vast 320,000 square meters.
During his tour, Koo urged employees to sharpen LG’s competitive advantages, particularly emphasizing the need for differentiation amid stiff competition. Moreover, he stressed the vital role of collaboration with industry partners to navigate the current downturn in global EV demand and maintain momentum.
Koo’s itinerary also took him to LG Electronics’ research and production complex in Cibitung, West Java. This facility is known for producing various products including televisions, monitors, and signage systems. Following the establishment of a local research unit in 2023, LG has successfully integrated research and production capabilities to enhance its operations across Southeast Asia.
While at LG Electronics’ Jakarta sales office, Koo engaged with local executives to discuss market trends, customer demands, and the competitive landscape. This aligns with LG’s broader strategy to tap into growth opportunities throughout emerging markets in the so-called Global South, which also includes countries like India, Latin America, and parts of Africa. The company aims to leverage the economic momentum generated in these regions to boost its presence and market share.
In summary, Koo’s visit to Indonesia highlights LG’s focused efforts in reinforcing its EV business amidst slowing global demand. The unwavering commitment to research, production efficiency, and market responsiveness will be paramount as LG navigates these challenges and seizes new opportunities in growing markets.
Koo Kwang-mo’s visit to Indonesia signifies LG Group’s strategic push toward enhancing its EV battery production capabilities amid global market fluctuations. By focusing on collaboration and technological advancement, LG aims to improve its competitive standing in the EV sector. The chairman’s discussions with local executives further illustrate the company’s resolve to engage effectively with the dynamic Southeast Asian market. This proactive approach may help LG capitalize on emerging opportunities across the Global South, reflecting a commitment to innovation and market leadership in energy solutions.
Original Source: en.yna.co.kr
