HMMI will invest US$ 1.5 billion (IDR 22.5 trillion) for the continuation of the two factories which will be completed and start operating in 2024.

"Hyundai actually had invested US$ 1.5 billion in this factory," said Lee Young Tack, President of Hyundai Motor Asia Pacific.

Lee revealed that a battery system assembly factory is being built in Cikarang since May 2023 which costs US$ 60 million (IDR 900 billion). The investment in this factory is purely owned by Hyundai..

A second factory for battery systems was built in Karawang, West Java in September 2021, and is still under construction. This factory is a collaboration between Hyundai Motor Group and LG Energy Solutions Ltd worth US$ 1.1 billion.

"The investment is 50% (Hyundai) 50% (LG Energy Solutions)," said Zulkifli Hasan, Minister of Trade, on July 11, 2023.

Additional production for export

Lee added that the company will export some of the batteries produced in Indonesia after the two factories start operating.

"So, the batteries have just been built from two factories and maybe next year will start production, which means the batteries can be exported next year to the rest of the world," he said.

As for the downstream sector, Hyundai Indonesia will add electric car production to 1,000 units per month or 4 times the previous number which reached 250 units per month.

"So now, if people who want to buy an electric car used to line up, now it's better, buyers can get it directly," he said.

This four hundred percent increase in production was due to the availability of semiconductors, increased production, and incentive support from the Government of Indonesia.

On the other hand, as much as 50% of Hyundai Indonesia's car production is exported to 78 countries.

"More than 50% of Indonesia's factory production has been exported to 78 countries around the world to contribute to Indonesia's car exports," added Lee.

He is optimistic that the cooperation between Hyundai and Indonesia can be further improved from the previous year. Moreover, there are many entrepreneurs from South Korea who are interested in building a business in Indonesia.

Lee said that Hyundai will continue to add investment in accordance with market developments in Indonesia