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Ford Motor is looking to proceed with the construction of an electric vehicle battery plant in Turkey even if SK On which was its original partner was dropped from the project. To move ahead, the American automaker is now in talks with another South Korean company, LG Energy Solutions Inc.
Ford Motor wants a new partner for the Turkish EV battery plant project and LG Group’s battery manufacturing unit may possibly take over the deal that was canceled by SK On. it was initially reported that the automaker scrapped the deal with the SK Group’s affiliate due to a lower yield rate.
According to The Korea Herald, it was a business insider who provided the information that Ford Motor made the decision to part ways with SK On because of the poor yield rate. Now, it was revealed on Tuesday this week that the carmaker is targeting LG Energy to replace SK On.
“SK On’s battery yield rate is estimated at a maximum of about 80% whereas other Korean battery makers such as LG Energy Solution and Samsung SDI put up over 90% yield rates,” the source who cannot be named told the publication. “Global automakers are setting up joint ventures to have a stable supply of EV batteries, but since SK On’s yield rate was not enough for Ford to push ahead with the plan, they probably had to look for an alternative.”
On the other hand, SK On reportedly denied that its yield rate was the reason why its deal with Ford Motor failed to push through. A company official also suggested that there is a chance that the deal with Ford Motor may still continue.
"The talks have not been making much progress, but are not terminated," the official stated. "As for the negotiations with Ford not moving forward, some conditions were not met including the battery prices."
Photo by: Shantanu Goyal/Unsplash
