Is LGES's factory in Indonesia in production?

Published: May 20, 2024 18:51 (GMT+8)

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"In April, LGES Indonesia factory in production? April's ternary positive electrode exported to Indonesia increased by 167% month-on-month, and the positive electrode import volume increased by 13% month-on-month. In April 2024, China's ternary materials (total value of NCM+NCA) import volume was 7,471 tons, up 13% month-on-month but down 20% year-on-year. Among them, NCM imports were 6,170 tons, down 19% month-on-month and 17% year-on-year; NCA imports were 1,301 tons, down 3% month-on-month and 23% year-on-year. In April 2024, China's ternary materials (total value of NCM+NCA) export volume was 7,222 tons, down 1% month-on-month and 20% year-on-year. Among them, NCM cumulative exports were 6,922 tons, flat month-on-month and down 19% year-on-year, while NCA exports were 300 tons, down 6% month-on-month and 44% year-on-year."

Summary of Imports and Exports in April:

In April 2024, the total import volume of ternary materials (NCM+NCA combined) in China was 7,471 tons, up 13% month-on-month but down 20% year-on-year. Among them, NCM imports were 6,170 tons, down 19% month-on-month and 17% year-on-year; NCA imports were 1,301 tons, down 3% month-on-month and 23% year-on-year.

In April 2024, the total export volume of ternary materials (NCM+NCA combined) in China was 7,222 tons, down 1% month-on-month and 20% year-on-year. Among them, NCM cumulative exports were 6,922 tons, flat month-on-month and down 19% year-on-year, while NCA exports were 300 tons, down 6% month-on-month and 44% year-on-year.

Regarding imports,

SMM Analysis: The slight increase in import volume in April was mainly due to a slight recovery in imports from South Korea to Jiangsu, but it remains poor compared to the absolute data in 2023. According to SMM statistics, Jiangsu's import data from January to April 2024 fell by nearly 40% year-on-year, reflecting the weakness in overseas market demand.

Regarding exports,

SMM Analysis: In April 2024, the export volume of ternary materials remained relatively stable, but there was differentiation in export situations by country. The volume of NCM exported from Sichuan to South Korea showed optimistic recovery, reaching a historical high point for the year. However, exports to Japan and Poland decreased by 26% and 36% respectively, and cumulative exports from January to April decreased by 12% and 64% year-on-year.

Additionally, the increase in exports to Indonesia is noteworthy. Earlier, Hyundai Motor Group and LG Energy Solution, a wholly-owned battery subsidiary of LG Chem, announced that they would establish a joint venture in Indonesia to build an electric vehicle battery factory with an investment of $1.1 billion, with each party holding a 50% stake. The two companies signed a memorandum of understanding with the Indonesian government to build a lithium-ion battery factory in the country, with an annual capacity of 10 gigawatts by 2025, enough to supply batteries for 150,000 electric vehicles. The Indonesian government has pledged to provide tax breaks and other incentives for the project. According to disclosures, the battery factory will be located in the Karawang industrial cluster near the Indonesian capital, Jakarta, close to Hyundai's factory. The two companies also stated that the new factory would start construction in the fourth quarter of 2021, be completed in the first half of 2023, and begin mass production in 2024.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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