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Asia Minute

Asia Minute: Big week for regional electric vehicle and component manufacturing plans

A driver uses a fast-charging station for electric vehicles at New York's John F. Kennedy Airport on April 2. As part of President Biden's $2 trillion infrastructure plan, $174 billion would go to supporting the production of electric vehicles in the U.S.
Spencer Platt
Getty Images

There have been several developments this week in the rapidly developing world of electric vehicles. Much of that news comes from the Asia Pacific — and it includes some familiar players.

The Taiwanese company best-known for manufacturing most of Apple’s iPhones is pushing ahead with other plans.

Foxconn is joining an $8 billion project to produce electric vehicles and batteries in Indonesia.

Taiwanese electric scooter maker Gogoro is also part of the project.

They’re joined by a pair of Indonesian companies — the state-owned Indonesia Battery Corporation, and the largest energy company in the country, Indika, known more for coal mines and power infrastructure than for renewable energy.

Foxconn’s Chairman has said the company wants to provide components or services for 10% of the world’s electric vehicles within five years.

Another global player in the field announced a multi-billion-dollar deal in the United States this week.

South Korea’s LG Energy Solution and General Motors will invest more than $2 billion to build a third electric vehicle battery plant in the United States — this one in Lansing, Michigan.

Just last week, LG Energy Solution went public on the Seoul stock market.

The result was South Korea’s largest-ever initial public offering: totaling nearly $11 billion.

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