Koç Holding made an agreement with Ford and LG for battery cell production in recent months. Unfortunately, this agreement was cancelled.
A long time ago, Ford made its battery investment in Turkey Will do it together with LG The news was reported. Previously, the company had signed a non-binding letter of intent with Koç and South Korean SK On for the investment in question, and there had been news in the South Korean media for a while that SK On had withdrawn from the investment. In the news shared later, ford And LG Energy Solution It was said that he would sign a new letter of intent in the coming weeks, probably at the end of January or early February. If at the end Koç Holding, Ford Motor Company and LG Energy Solution signed a non-binding memorandum of understanding regarding the battery cell production facility investment. According to the statement made on the subject, the facility, which will contribute to the automotive industry on a global scale, will be established in Ankara and will be one of the largest battery cell production bases in Europe. While the facility was planned to start production in 2026 and reach an annual capacity of 25 gigawatts, an agreement was reached to increase the capacity by 20 gigawatts in 2029, to a total of 45 gigawatts. A surprising bit of bad news just came about this matter; unfortunately, the factory investment was cancelled. The official notification made to KAP regarding this issue is as follows: happened:
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“With the participation of Koç Group, Ford Motor Company (“Ford”) and LG Energy Solution, Ltd. In the evaluations made regarding the battery cell production investment planned to be realized by (“LGES”) in Ankara, taking into account the improvement in current electric vehicle penetration It was concluded that the timing is not suitable for battery investment. and subject to our statement dated 21.02.2023 Letter of Intent (MoU) has been terminated.
As Ford and Koç Holding, we will continue to support Ford Otosan’s efforts to produce electric vehicles in its Kocaeli factories, depending on the developments in the electric vehicle market dynamics. Battery cell investment may be evaluated in the future.“
The official statement previously shared about the agreement was exactly as follows: “We feel in our hearts the pain of the great earthquake disaster we experienced on February 6, 2023. We mobilized all our resources for our country. We are working to heal the wounds with the spirit of solidarity. We believe that investments in our country are of great importance in overcoming this extraordinarily difficult period.
In this context, we emphasize our determination to realize this facility investment, which will give our country a significant global competitive advantage in the automotive industry, together with two important global companies. “We express our condolences to our country and wholeheartedly believe that we will overcome these difficult days in unity and solidarity.”