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S Korea s Hyundai Motor, LG Energy to build EV battery plant in Indonesia Toggle share menu
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S Korea s Hyundai Motor, LG Energy to build EV battery plant in Indonesia South Korea s Hyundai Motor Group has partnered with LG Energy Solution Ltd to build an electric vehicle battery cell manufacturing joint venture in Indonesia.
FILE PHOTO: Employees of Hyundai Motor Group leave after the company s new year ceremony in Seoul, South Korea, January 2, 2020. REUTERS/Kim Hong-Ji
29 Jul 2021 08:35AM Share this content
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REUTERS: South Korea s Hyundai Motor Group has partnered with LG Energy Solution Ltd to build an electric vehicle battery cell manufacturing joint venture in Indonesia.
S. Korea to boost tax incentives on battery sector
The nation s three battery makers, LG Energy Solution Ltd., Samsung SDI Co., and SK Innovation Co., vowed to invest a combined 40 trillion won over the next decade. Friday, July 9, 2021 11:50 PM UTC
South Korea s battery makers and related firms will receive up to a 50 percent tax discount for R&D spending and 20 percent tax cuts on facility investment under the Ministry of Trade, Industry, and Energy s K-battery blueprint.
The ministry aims to nearly triple battery exports from $7.5 billion in 2020 to $20 billion by 2030.
The nation s three battery makers, LG Energy Solution Ltd., Samsung SDI Co., and SK Innovation Co., vowed to invest a combined 40 trillion won over the next decade.