<article>Indonesia has recorded multiple deal developments related to the burgeoning electric vehicles [EV] industry.</article>

Indonesia has recorded multiple deal developments related to the burgeoning electric vehicles [EV] industry.
<h3>IBC picks majority in two-wheeler EV maker Gesits</h3>
Indonesia Battery Corporation (IBC) has emerged as the largest shareholder of PT Wika Industri Manufaktur [WIMA], the producer of electric motorbike brand Gesits, following its acquisition of shares owned by PT Wijaya Karya Industri dan Konstruksi (WIKON), Investor Daily reported. 
IBC has 53.93% of WIMA’s shares followed by WIKON&#8217;s 46.04% stake. Koperasi Karyawan PT Wijaya Karya (Kokar WIKA) owns 0.03%. The acquisition of shares took place on December 12 through the signing of a sales and purchase agreement between WIKON and IBC.
Founded in 2018, WIMA is a joint venture company between WIKON with PT. GESITS Technologies Indo. Gesits has sold more than 4,500 units of electric motorbikes since its launch in 2019. In February, Electrum-the joint venture between Gojek and TBS Energi Utama-announced collaborations with Pertamina, Gogoro, and Gesits to accelerate the development of an integrated electric vehicle ecosystem in Indonesia.
<h3 class="p1">Hyundai to establish a battery pack company in Indonesia</h3>
South Korean automotive manufacturer Hyundai Motor Group plans to build Hyundai Energy Indonesia, a company that will produce battery packs for Battery Electric Vehicles (BEV). 
The firm aims to secure the stability of battery supply in SE Asia. Hyundai will start the construction of a new company in the first half of 2023 and targets to start the mass production of the battery packs in the second half of 2024. 
Hyundai Energy will produce battery packs and systems optimised for BEV models with locally produced battery cells and supply them to Indonesian-made BEV models.
Hyundai is a significant player in the EV industry in Indonesia. Hyundai and LG Energy Solution also cooperated in the investment of a battery cell factory in Karawang, Jawa Barat, Indonesia. Hyundai also has a local factory that produces the IONIQ 5, one of the BEV flagships from Hyundai.

S Korean auto major Hyundai Motor plans to build Hyundai Energy Indonesia that will produce battery packs for Battery Electric Vehicles.

ID Digest: IBC picks majority in Gesits; Hyundai to set up battery pack firm

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ID Digest: IBC picks majority in Gesits; Hyundai to set up battery pack firm

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