Koç Holding withdraws from the non-binding MoU with LGES and Ford for an EV battery JV in Türkiye

13 November 2023, 03:56:15

Korean news agency Yonhap reports that LG Energy Solution, Ford, and Koç Holding scrap plans to build an EV battery JV in Türkiye. Earlier this year, on February 22, the three companies signed a non-binding Memorandum of Understanding (MoU) to form a new joint venture to create one of Europe's largest commercial electric vehicle battery cell facilities near Ankara, Türkiye. The agreement was subject to final agreement by all the parties. Obviously, as per LGES, Koç Holding revoked its participation in the project, citing its consideration of EV adoption and inappropriate timing for battery investment. This decision arrives in a moment of concern about slowing EV demand, rising costs, and economic downturn.Source

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