Tech

SK On, Ford and Koc Holding establish EV battery joint venture in Turkey

FILE PHOTO: SK Innovation's logo can be seen in front of its Seoul headquarters
FILE PHOTO: SK Innovation’s logo is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji

March 14, 2022

SEOUL (Reuters) – South Korean battery maker SK On on Monday signed a memorandum of understanding (MOU) with Ford Motor Co and Koc Holding As to set up a joint venture to manufacture electric vehicle (EV) battery cells in Turkey.

The plant is scheduled to be operational by 2025 and is expected to have an annual production capacity of 30-45 gigawatt hours (GWh), SK On said in its statement.

The wholly-owned battery unit of SK Innovation Co Ltd, whose customers include Ford Motor, Hyundai Motor Co and Volkswagen AG, last year announced a plan to invest 10.2 trillion won ($8.22 billion) with Ford to build three battery plants in the United States.

The company currently has battery manufacturing facilities in the United States, Hungary, China and South Korea.

($1 = 1,240.1900 won)

(Reporting by Heekyong Yang; Editing by Uttaresh.V)

https://www.oann.com/sk-on-ford-and-koc-holding-to-form-ev-battery-joint-venture-in-turkey/?utm_source=rss&utm_medium=rss&utm_campaign=sk-on-ford-and-koc-holding-to-form-ev-battery-joint-venture-in-turkey SK On, Ford and Koc Holding establish EV battery joint venture in Turkey

Emma Bowman

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