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Hyundai and LG Energy to build EV battery factory in Indonesia

Automaker aims for stable supply chain as demand rises for electric vehicles

The two companies will each hold 50% of the EV battery factory in Indonesia. (Source photos by AP and screenshot from LG Energy Solution's website)

SEOUL -- Hyundai Motor Group said on Thursday it will partner with LG Energy Solution to build an electric vehicle battery factory in Indonesia to secure a stable supply of battery cells for its EVs.

The two South Korean companies signed a memorandum of understanding with the Indonesian government to establish a joint venture to manufacture battery cells.

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