Ford Motor Co. and SK Innovation Co.’s battery unit canceled plans to build an electric-vehicle battery plant in Turkey amid rising global interest rates and weaker EV demand in Europe, the Korea Economic Daily reported.
(Bloomberg) — Ford Motor Co. and SK Innovation Co.’s battery unit canceled plans to build an electric-vehicle battery plant in Turkey amid rising global interest rates and weaker EV demand in Europe, the Korea Economic Daily reported.
The two companies recently withdrew an initial accord that was signed in March 2022, the paper said Monday, citing unidentified sources. The plant was slated to start operation as soon as 2025 with annual production capacity of 30 to 45 gigawatt hours and was part of a push by Ford to produce 2 million electric vehicles a year by 2026.
In a text message response to Bloomberg News, SK On said it hasn’t decided whether to stop negotiations with Ford on setting up the joint venture in Turkey.
–With assistance from Seyoon Kim.
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