SK On has not decided to partner with Koç Holding and Ford

South Korean electric vehicle battery maker SK On has announced that it has not yet made a decision to partner with Koç Holding and Ford in Turkey.

Koç Holding signed a non-binding agreement with the two companies in March to set up a battery production plant near Ankara for use in electric vehicles.

South Korea’s Dong-A Ilbo newspaper, based on an anonymous source, stated that the SK On company abandoned the deal due to weak macroeconomic conditions.

‘ASSESSMENT NOT COMPLETED’

In a written statement made by SK On, “We have been considering the partnership idea in Turkey since the non-binding agreement in March 2022, but the evaluation is not yet complete. A final decision on whether to end the negotiations has not yet been made.

Koç Holding, Ford and SK On were considering the establishment of a factory that would start production in 2025 and produce 30-45 gigawatt (GWh) batteries per year. (Reuters)