Koc Holding revokes pact with Ford, LG Energy Solution for Turkey battery JV

Ford Otomotiv Sanayi AS

10/11/2023 19:29

ANKARA, Nov 10 (Reuters) - Turkey's Koc Holding
 KCHOL.IS  said on Friday that it revoked an earlier agreement
with Ford  F.N  and South Korean battery maker LG Energy
Solution  373220.KS  for a joint venture to produce battery
cells for commercial electric vehicles.
    The three companies signed a non-binding agreement in
February to form a joint venture to create one of Europe's
biggest electric vehicle battery cell facilities near Turkey's
capital Ankara.
    "Considering the current pace of electric vehicle adoption,
the timing is not appropriate for a battery cell investment,"
Koc Holding said in a statement to the Public Disclosure
Platform (KAP).
    "Ford and Koc Holding will remain committed to support
electric vehicle production at Ford Otosan's  FROTO.IS  Kocaeli
Plant and will evaluate potential battery cell investments in
the future in line with the dynamics of the electric vehicle
market," it said.
    

 (Reporting by Ebru Tuncay, Writing by Huseyin Hayatsever;
Editing by Chizu Nomiyama)
 ((Huseyin.Hayatsever@reuters.com;))