LG Energy Solution, Ford, and Koç Holding to establish a JV for EV battery cells production in Europe

22 February 2023, 02:43:28

LG Energy Solution, Ford, and Koç Holding signed a non-binding Memorandum of Understanding (MoU) to form a new joint venture subject to final agreement by all the parties to create one of Europe's largest commercial electric vehicle battery cell facilities near Ankara, Turkey, strengthening the foundation for Ford's electric future in Europe.

The new joint venture will be located in an organized industrial zone in Başkent, near Ankara. The project is on track and expected to break ground later this year. Production is intended to start in 2026 with the three parties committing to at least 25-gigawatt hours (GWh) of annual production capacity, which could potentially expand up to 45 GWh.

This joint venture builds on two long-standing business relationships Ford has with both LGES and Koç Holding. Ford and LGES have worked together for over a decade, with LGES most recently supplying batteries from its plant in Poland for the Ford Mustang Mach-E and E-Transit. Ford Motor Company and Koç Holding enjoy a strong relationship that stretches back almost a century and includes the successful Ford Otosan joint venture, now over 60 years old.

By 2035, Ford in Europe will offer an all-electric fleet of vans and passenger vehicles, new generation of zero-emission vehicles, optimized for a connected world, offering customers truly outstanding, always-on services and user experiences. LGES has the largest global battery manufacturing network consisting of its manufacturing facilities in six countries (Korea, U.S., China, Poland, Indonesia, and Canada), with a total annual production capacity of 200GWh.

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