- Hyundai Motor Co HYMTF has signed a Memorandum of Understanding (MoU) with Indonesian metals company PT Adaro Minerals Indonesia, Tbk (AMI) for aluminum supply.
- The move aims to secure a stable aluminum supply for automobile manufacturing in the wake of growing demand.
- The agreement will also form a system for the production and supply of aluminum by AMI through its subsidiary PT Kalimantan Aluminium Industry (KAI).
- The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia.
- Indonesia’s green aluminum is classified as low-carbon aluminum using hydroelectric power generation, which is an eco-friendly power source and is expected to supply aluminum that meets Hyundai’s carbon neutralization policy.
- “Hyundai Motor Company has started operating a manufacturing plant in Indonesia and is also actively cooperating with Indonesia in various areas, where it can exert synergy in the future automobile industry, such as investing in battery cell manufacturing joint ventures,” said Youngtack Lee, SVP and Head of Hyundai Motor Asia Pacific Headquarter.
- Price Action: HYMTF shares closed higher by 2.99% at $31.00 on Friday.
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