LG Signs MOU With Ford, KOC for Battery JV in Turkey
February 21 2023 - 8:54PM
Dow Jones News
By Kwanwoo Jun
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.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 21, 2023 20:39 ET (01:39 GMT)
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