SEOUL, March 14 (Reuters) – South Korean battery maker SK On said on Monday it has signed a memorandum of understanding (MOU) with Ford Motor Co (F.N) and Koc Holding As (KCHOL.IS) to form a joint venture to produce electric vehicle (EV) battery cells in Turkey.
The plant is targeted to start by 2025 and aims to have an annual production capacity of 30-45 gigawatt hours (GWh), SK On said in its statement.
SK Innovation Co Ltd’s (096770.KS) wholly owned battery unit, which counts Ford Motor, Hyundai Motor Co (005380.KS), and Volkswagen AG (VOWG_p.DE) among its customers, announced last year a plan to invest 10.2 trillion won ($8.22 billion) with Ford to build three battery plants in the United States. read more
The company currently has battery production sites in the United States, Hungary, China, and South Korea.
($1 = 1,240.1900 won)
Reporting by Heekyong Yang; editing by Uttaresh.V
