On Monday, LG Energy Solution of South Korea announced its official withdrawal from a massive electric vehicle battery manufacturing project in Indonesia valued at 142 trillion Indonesian rupiahs. This initiative was a component of the "Indonesia Mega Project Package" agreement, which LG Energy Solution and the Indonesian government inked at the close of 2020, with the objective of investing in the electric vehicle battery supply chain. LG Energy Solution cited considerations such as market conditions and the investment environment as reasons for its decision to pull out of the project. Nonetheless, the company underscored its commitment to continuing to explore collaboration avenues with the Indonesian government through HLI Green Energy, the Indonesian battery joint venture.