LG Chief Visits Indonesia Battery Plant to Inspect Group’s EV Transition Efforts

LG Group Chairman Koo Kwang-mo has visited Indonesia to oversee battery production efforts crucial for the company’s electric vehicle transition. He urged employees to enhance competitiveness against global rivals amid slowing EV demand. Koo also inspected LG Electronics’ facilities and discussed regional growth opportunities in Southeast Asia, targeting emerging markets.

This month, LG Group Chairman Koo Kwang-mo visited Indonesia to inspect the company’s battery manufacturing capabilities, highlighting a crucial step in its electric vehicle (EV) transition strategy. The announcement came from LG Group on Monday, after Koo toured the Hyundai LG Indonesia Green Power facility, which is a joint venture between LG Energy Solution and Hyundai Motor Group. Located near Jakarta, this factory is notably Indonesia’s first EV battery cell plant and plays a significant role in LG’s global battery production landscape.

During his visit, Koo emphasized the necessity for LG to secure a competitive edge as the global demand for EVs experiences a temporary decline. He urged employees to adopt strategies that would differentiate LG’s batteries from those of international competitors. Collaboration with business partners was underscored as essential for navigating the current market challenges during this slowdown in EV growth.

Koo’s itinerary also included a visit to LG Electronics’ complex in Cibitung, West Java, which produces various products, including televisions and monitors. LG has recently established a local research unit adjacent to this plant, which has helped the company integrate research, production, and sales efforts in the region, thereby positioning themselves to cater to the expanding Southeast Asian market.

At LG Electronics’ Jakarta sales office, the chairman engaged in discussions with local executives regarding consumer demands and distribution trends in Southeast Asia. The company has been aggressive in pursuing growth avenues in emerging markets, collectively dubbed the “Global South,” which includes regions like India, Indonesia, and parts of Africa and Latin America. LG sees these areas as vital for tapping into economic momentum and seeks to bolster its presence there.

Koo Kwang-mo’s visit to Indonesia marks LG Group’s commitment to strengthening its position in the electric vehicle battery sector amidst a temporary slowdown. By fostering collaboration and innovation at its new production facilities, LG is positioning itself to better meet competitive challenges. The company’s strategic focus on Southeast Asia suggests a drive to capture opportunities within emerging markets effectively.

Original Source: en.yna.co.kr