Ford Chooses LG Energy Solution Over SK On for Turkey Battery Plant

[Asia Economy New York=Special Correspondent Joselgina] On the 9th (local time), Bloomberg News reported, citing sources, that American automaker Ford will build a new electric vehicle battery factory in Turkey together with LG Energy Solution instead of SK On.

According to the report, Ford and LG Energy Solution are expected to sign a memorandum of understanding (MOU) for the Turkey battery joint venture project within a few weeks, around late January or early February.

Ford had originally signed an MOU with SK On and the Turkish conglomerate Ko? (KOC) to establish a battery joint venture factory. According to the agreement reached in March last year, the plan was to start operations near the capital Ankara from 2025 with an annual capacity of 30 to 45 GWh. The total investment amount from the three companies was estimated to be up to 4 trillion KRW.

However, due to the impact of the global economic downturn, reports emerged that Ford and SK On might withdraw from the Turkey project, followed by additional reports that Ford would partner with LG Energy Solution instead of SK On in Turkey. Bloomberg News reported that a Ford spokesperson said the Turkey battery project is progressing smoothly, while LG Energy Solution declined to comment.

Currently, separate from the Turkey joint MOU, Ford continues cooperation with SK On in establishing and expanding joint factories in the United States, Hungary, and other locations.

This content was produced with the assistance of AI translation services.