Chairman Chung Eui-sun Arrives in Indonesia... Meets Jokowi to Discuss Electric Vehicle Cooperation

Electric Vehicle Roadmap Presentation Event in Jakarta JIExpo on the 25th

[Asia Economy Reporter Ki-min Lee] Chung Eui-sun, Chairman of Hyundai Motor Group, is reported to have arrived in Jakarta, the capital of Indonesia, on the 24th.

According to the automotive industry on the day, Chairman Chung headed straight to Indonesia by private jet after completing his business trip to the United States. During his visit to the U.S., he visited Hyundai Motor America in Los Angeles (LA) and the Hyundai Motor plant in Alabama to review the U.S. sales strategy.

After arriving in Indonesia, Chairman Chung is expected to attend the JI Expo in North Jakarta on the 25th. At this expo, an event will be held to announce Indonesia's electric vehicle roadmap, attended by government officials including President Joko Widodo of Indonesia.

Chairman Chung is anticipated to request cooperation from the Indonesian government for local electric vehicle production and sales. Indonesia is especially known as a producer of NCM (Nickel, Cobalt, Manganese), a key raw material for batteries. Notably, Indonesia holds 20% of the world's nickel reserves.

Hyundai Motor Group plans to accelerate its entry into the ASEAN electric vehicle market by producing electric vehicle-related parts in Indonesia. To this end, Hyundai Motor Group will invest 1.2 trillion KRW to build a battery cell joint factory with LG Energy Solution.

Hyundai Motor will build its first ASEAN production plant in Bekasi, on the outskirts of Jakarta, and start mass production of internal combustion engine vehicles in January next year. Negotiations for the first production of electric vehicles in March are also currently underway.