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SK On, the South Korean electric vehicle battery maker, is thinking of pulling out from its deal with Ford Motor Co. The two companies previously agreed to a joint battery venture, and they are set to build a plant in Turkey.
Koc Holding A.S. is also part of the deal as SK On and Ford Motor’s local partner. As per Yonhap News Agency, it was in March of last year when the three firms initially inked a memorandum of understanding (MOU) to manufacture electric vehicle (EV) battery cells. The plan is to build a production plant in Turkey’s capital city of Ankara and then start the operation by the year 2025.
SK On, Ford Motor, and Koc Holding have been in discussion for their joint venture since March. The factory was estimated to accommodate the production of EV batteries with an annual capacity of 30-45 gigawatt hours.
However, the three have not reached any conclusion; thus, the project has not been finalized. The other reasons why the firms are unable to close the deal include the increasing interest rates coupled with the economic slowdown worldwide.
"The company is reviewing the MOU as part of its selection and concentration strategy when it comes to the EV battery business," SK On’s spokesperson told the publication via phone when asked about the deal for the EV battery plant in Turkey.
The company further stated, "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."
Apparently, SK On has not yet made its decision if it will proceed with its battery cell business with Ford Motor or not. Amid the news, Reuters reported that the company is planning to just scrap the agreement citing a dull macroeconomic environment. Finally, it was noted that the company could let go of this deal since it is already operating several battery manufacturing plants in the U.S., South Korea, Hungary, and China.
Photo by Kristijan Males/Unsplash
