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Investing.com -- South Korean firm LG Energy Solution (LGES) officially announced on Monday its withdrawal from a substantial electric vehicle (EV) battery manufacturing project in Indonesia, valued at 142 trillion rupiah ($8.45 billion). The project, termed the Indonesia Grand Package, was agreed upon between LGES and the Indonesian government in late 2020. The deal involved investments across the EV battery supply chain. In a statement released by LGES, the company mentioned various factors, including market conditions and the investment environment, as reasons for its formal withdrawal from the Indonesia Grand Package project. Despite this development, LGES expressed its intention to continue exploring different forms of collaboration with the Indonesian government. The company specifically mentioned a focus on the Indonesia battery joint venture, HLI Green Power. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

SEOUL (Reuters) -South Korea’s LG Energy Solution said on Tuesday that its U.S. unit will acquire the assets held by its Michigan electric vehicle battery venture with General Motors (NYSE:GM) for $2 billion. The value of the deal, set to close on May 31, could change after due diligence, the EV battery maker said in a filing. GM has been scaling back its EV plans amid uncertainty about the future of EV battery production and consumer tax credits under the Trump administration and said in December it would sell its stake in the plant. Toyota Motor (NYSE:TM) has said it will transfer its order for LG Energy Solution batteries to the Lansing, Michigan plant that GM is exiting.

Factorial Energy, un promoteur soutenu par ces constructeurs, collabore avec LG Chem.

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