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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.
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