Shulou(Shulou.com)11/24 Report--

August 22 news, according to foreign media reports, Hyundai Motor Group and LG New Energy for their joint venture battery factory in Indonesia, to ensure the smooth progress of the joint venture factory construction.

Hyundai Motor Group and LG New Energy secured a $710 million loan for a battery factory in Indonesia, first reported by South Korean media.

According to South Korean media reports, the loan of US $710 million is provided by five international financial institutions with a loan term of up to 10 years. Hyundai Motor Group's Hyundai Motor, Kia, Hyundai Mobis and LG New Energy will provide debt guarantee for the loan according to their shareholding ratio.

In addition to Hyundai Motor Group's three companies and LG New Energy, Seoul-based Korea Trade Insurance Company will also participate in providing credit guarantees for loans.

Hyundai Motor Group and LG New Energy started construction of an electric vehicle battery joint venture factory in Indonesia last year, with a planned investment of US $1.1 billion. The factory will be built in Karawang Industrial Park, close to Jakarta and close to Hyundai Motor's factory.

According to the plan, Hyundai Motor Group and LG New Energy's joint venture battery factory in Indonesia will be put into large-scale production in the first half of 2024, with an initial annual production capacity of 10GWh, enough to assemble 150,000 electric vehicles, and the annual production capacity will be increased to a maximum of 30GWh.

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