Dow Jones Newswires: LG signs deal with Ford, KOC for EV-battery joint venture in Turkey

by | Feb 21, 2023 | Stock Market

LG Energy Solution Ltd.
on Wednesday said it has signed a memorandum of understanding with Ford Motor Co.
and its Turkish partner KOC Holding A.S.
to launch a battery-making joint venture in Turkey. The joint venture plant, to be built near the Turkish capital Ankara by 2026, will produce batteries of 25 gigawatt hours a year initially, which could expand to 45GWh annually later, LG Energy Solution said in a statement.

The deal kept alive U.S. auto giant Ford’s earlier battery-making JV project involving a South Korean battery maker in Turkey, as LG Energy Solution came in after SK Innovation Co.
pulled out earlier this year. SK On, a battery-making unit of SK Innovation Co., said last month it was cancelling its battery joint venture with Ford and KOC citing little progress in follow-up talks since signing the MOU in 2022. The plant, if completed, would supply batteries to Ford commercial electric vehicles as the U.S. auto maker, together with KOC, is already producing 450,000 commercial vehicles in Turkey, LG Energy Solution said. The investment deal comes at a time when Turkey is still reeling from damage caused by the recent devastating earthquake. “We believe that investments such as this major one will play a crucial role in overcoming this extraordinarily difficult period,” KOC said in the statement issued by LG Energy Solution.

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