Indonesia's 'Titan Project' EV Battery Venture to Proceed Despite LGES Withdrawal

Published: Apr 23, 2025 23:25

Save

The Indonesian government has confirmed that its US$9.8 billion electric vehicle (EV) battery "Titan Project" will continue as planned, despite South Korea’s LG Energy Solution (LGES) withdrawing from the investment. China’s Zhejiang Huayou Cobalt Co will step in as the new strategic investor for the project.

Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, stated on Wednesday, April 23, that despite rising global geopolitical tensions and economic uncertainties, the project remains on track and is expected to break ground later this year.

He emphasized that the project’s core plans and production timeline will not be affected, and that changes in investors are normal in large-scale projects. Indonesia remains committed to becoming a key global hub for the electric vehicle industry.

According to the plan, Huayou Cobalt will collaborate with Indonesian state-owned mining companies—including Indonesia Battery Corporation—through a joint venture to advance the battery project. Previously, LGES, along with LG Chem, LX International, and other consortium members, officially announced their withdrawal from the project, which is one of Indonesia's five major EV battery initiatives.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 hours ago

High-Grade NPI Smelters Face Profit Pressure Amid Flat Raw Material Prices and Limited Nickel Ore Decline

[SMM Nickel Flash News] Based on the cash cost of high-grade NPI calculated using nickel ore prices from 25 days earlier, profits at high-grade NPI smelters came under pressure during the week, with the sector as a whole remaining in a state of losses or marginal profitability. It is expected that next week, prices of auxiliary materials on the raw material side may remain flat, while the decline in nickel ore prices will likely be limited. High-grade NPI prices will still be under pressure amid back-and-forth negotiations between upstream and downstream, and smelter profits will be unlikely to see any significant improvement.

13 hours ago

Refined Nickel Prices Decline, High-Grade NPI Discount Narrows; Downward Trend Expected to Continue

[SMM Nickel Flash] This week, the price center of refined nickel moved lower, while high-grade NPI prices remained stable. The average discount of high-grade NPI against refined nickel narrowed to 262.4 yuan/nickel unit. High-grade NPI prices were expected to remain under pressure next week, while refined nickel prices were expected to continue their downward trend. The average discount of high-grade NPI against refined nickel was expected to continue narrowing, and the driver for conversion of NPI to high-grade nickel matte weakened.

13 hours ago

SMM Nickel Flash: High-Grade NPI Prices Drop, Market Enters Negotiation Phase

[SMM Nickel Flash] The average SMM price of 10-12% high-grade NPI fell WoW by 1 yuan/nickel unit to 1,082.5 yuan/nickel unit (ex-factory, tax included), while the average price of Indonesia's NPI FOB index fell WoW by $0.02/nickel unit to $136.58/nickel unit. The high-grade NPI market generally remained stable, and after the transaction center stabilized, the market entered a state of back-and-forth negotiations between upstream and downstream, with prices under pressure in the short term.

13 hours ago