South Korea, Indonesia to ink pact to make electric car batteries
2020-11-18 11:16:38 [Print]
South Korea's LG Chem Ltd. is expected to sign a cooperation agreement with Indonesia this week for developing lithium batteries for electric cars, said Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan.
"This week, if there is no change, LG Korea will also sign a cooperation (agreement) on developing electric car batteries," he said on Tuesday. The cooperation pact follows the signing of another agreement between China's Contemporary Amperex Technology Co., Ltd. and Inalum for the development of lithium batteries for electric vehicles.
The Indonesian government is continuing to approach many parties, including big players in the electric vehicle battery industry, to invest in Indonesia, he added.
The former Coordinating Minister for Political, Legal and Security Affairs said Indonesia wants to be a key player in the electric vehicle battery industry.
Indonesia has the largest nickel reserves in the world and is now starting to downstream nickel. It is hoped that the production of batteries for electric vehicles can begin by the end of 2023 or 2024.
Indonesia plans to produce NMC 811 (lithium nickel manganese cobalt oxide) batteries, in which nickel ore is the main raw material, the minister informed.
Pandjaitan said that Indonesia hopes to enter the global supply chain for electric vehicles through collaborations with other players in the electric vehicle battery industry. "We should not only export raw materials, so we only depend on commodity prices. With a policy like this, we will not depend on it (commodity prices)," he noted.
"This week, if there is no change, LG Korea will also sign a cooperation (agreement) on developing electric car batteries," he said on Tuesday. The cooperation pact follows the signing of another agreement between China's Contemporary Amperex Technology Co., Ltd. and Inalum for the development of lithium batteries for electric vehicles.
The Indonesian government is continuing to approach many parties, including big players in the electric vehicle battery industry, to invest in Indonesia, he added.
The former Coordinating Minister for Political, Legal and Security Affairs said Indonesia wants to be a key player in the electric vehicle battery industry.
Indonesia has the largest nickel reserves in the world and is now starting to downstream nickel. It is hoped that the production of batteries for electric vehicles can begin by the end of 2023 or 2024.
Indonesia plans to produce NMC 811 (lithium nickel manganese cobalt oxide) batteries, in which nickel ore is the main raw material, the minister informed.
Pandjaitan said that Indonesia hopes to enter the global supply chain for electric vehicles through collaborations with other players in the electric vehicle battery industry. "We should not only export raw materials, so we only depend on commodity prices. With a policy like this, we will not depend on it (commodity prices)," he noted.
LNCMO 523 Delivered China
Unit:RMB/kg
China lithium nickel cobalt manganese oxide producers' inventory statistics by province by month
Unit: mt
