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[KH Explains] How should Korea adjust its trade defenses against Chinese EVs?
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LG Chem Ltd., South Korea's leading chemical company, said Thursday that it is seeking business opportunities in Indonesia and other Southeast Asian countries amid growing demand for electric motorcycles.
"We are considering businesses in various sectors in Indonesia as small electric vehicle markets such as electric motorcycles could grow in the country," a company official said.
He said no specific decisions have been made yet on its possible businesses in Southeast Asia.
The comments came a day after Indonesian media reported that Indonesia's Industry Minister Agus Gumiwang Kartasasmita met with LG Chem officials in Jakarta.
The minister has expressed hope that LG Chem can work together with eight motorcycle makers in a pilot project for electric motorcycles, according to Indonesia's biggest newspaper Kompas.
The electric vehicle battery market has been on a roll as automakers around the world race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.
LG Chem has supplied batteries for more than 2.7 million electric vehicles, including those of GM, Ford, Renault, Volvo, Audi, Volkswagen and Daimler, as well as South Korea's largest carmaker, Hyundai Motor Co., and its smaller affiliate, Kia Motors Corp.
LG Chem operates electric vehicle battery plants in the United States, China, Poland and South Korea. (Yonhap)
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