SK On says it is undecided whether to proceed with battery venture with Ford, Koc

SOUTH Korean electric vehicle battery maker SK On said on Monday (Jan 9) it has not decided whether to pursue a battery cell venture in Turkey with Ford Motor and Koc Holding, after signing a memorandum of understanding (MoU) in March.

The Dong-A Ilbo daily newspaper earlier reported, citing an unidentified source, that SK On plans to scrap the idea due to a weak macroeconomic environment.

“After signing the MoU in March 2022, we have been discussing the joint venture case in Turkey, but discussions have not been completed. The final decision whether or not to halt negotiations regarding the joint venture has not been made yet,” SK On said in a statement.

SK On is the wholly owned battery unit of SK Innovation and counts Hyundai Motor, Volkswagen and Ford Motor among its customers.

In announcing the joint venture plans in March, SK On said the partners aimed for annual production capacity of 30-45 gigawatt hours (GWh) with production starting in 2025.

SK On has battery manufacturing sites in South Korea, China, Hungary and the United States. REUTERS