On 6 August 2025, the Minister of Energy and Mineral Resources, Bahlil Lahadalia, stated that the electric vehicle (EV) battery factory owned by Zhejiang Huayou Cobalt Co and Indonesia Battery Corporation, with an investment value of USD 8 billion or equivalent to IDR 131.07 trillion (IDR 16,379 exchange rate), is targeted to be completed by 2027. Bahlil added that the government will provide attractive incentives for Indonesia's EV battery ecosystem projects, including those scheduled for completion by the end of 2027. Following the withdrawal of LG Energy Solution (LGES) from the consortium with Indonesia Battery Corporation, Huayou is replacing the position previously held by LGES.
Previously, on April 29, 2025, Investment and Downstreaming Minister or Head of the Investment Coordinating Board (BKPM) Rosan Roeslani mentioned that Huayou would increase its investment in Indonesia, including in the EV battery ecosystem project. Huayou's potential further investment in Indonesia is estimated at USD 20 billion, equivalent to IDR 335.56 trillion (at an exchange rate of Rp 16,759). According to the records held by Rosan, Huayou has already invested a total of USD 8.8 billion in Indonesia to date. Huayou is also reported to be developing its projects in the Weda Bay and Morowali zones. Additionally, Indonesia intends to develop the planned industrial zone in Pomalaa.
