Bisnis.com, JAKARTA — Indonesia’s automotive industry is facing uncertain future after South Korea’s LG Energy Solution pulled out from a major investment to develop electric vehicle battery. Despite this news, industry players expressed a cautious optimism about the EV market’s future.
The LG-led consortium recently pulled out from a 11 trillion won deal (approximately IDR 130.7 trillion) with the Indonesian government to establish EV supply chain, citing a shift in industrial landscape due to a temporary slowdown in global EV demand. The South Korean firm decision to withdraw was reportedly made after a consultation with the government.
