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Indonesia’s Crumbling EV Dream After LG Energy $7.7bn Exit

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Algo Research Team

Industry | Apr 24, 2025 | Views: 216

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Key Summary:

  • LG Energy Solution exit casts doubts over Indonesia EV ecosystem
  • Indonesian government is seeking for new partners to continue the project
  • LG Energy maintains other investments in Indonesia, including JV with Hyundai

South Korea’s LG Energy Solution (LGES) has officially withdrawn from Indonesia’s high-profile electric vehicle (EV) battery project called Project Titan, casting doubt over the country’s investment outlook and EV ecosystem.


Context: LGES announced its exit on 18 April 2025, citing a shift in global market conditions as the main reason for its withdrawal from the high-profile EV project estimated to be valued at $7.7bn (equivalent to IDR129tn).

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