Indonesia says China's Huayou to replace LGES in EV battery project

Indonesia’s energy minister Bahlil Lahadalia gestures while delivering his speech during a signing ceremony for a Memorandum of Understanding (MoU) concerning renewable and clean energy and energy conservation, in Jakarta, Indonesia April 21, 2025. - Photo: Reuters file

JAKARTA: China's Zhejiang Huayou Cobalt is replacing South Korea's LG Energy Solution as a strategic investor in a multibillion-dollar project to build an electric vehicle battery joint venture in Indonesia, officials said on Wednesday (April 23).

The South Korean company, which was part of a consortium that signed a 142 trillion rupiah ($8.4 billion) "Grand Project" in 2020, announced its withdrawal from the project this week, citing factors including market conditions and the investment environment.