LG New Energy, Ford and KOC sign MOU to form Battery Joint Venture

CTOnews.com, February 22, according to the Wall Street Journal, LG New Energy said today that it has worked with Ford Motor Company and Ford's Turkish partner KOC Holding A.S. A memorandum of understanding was signed to establish a battery manufacturing joint venture in Turkey.

The joint venture plant, which will be built near the Turkish capital Ankara by 2026, will initially produce 25GWh batteries annually and can later be expanded to annual 45GWh, LG New Energy said in a statement.

Through the deal, Ford Motor Company maintained its battery manufacturing joint venture with a South Korean battery maker in Turkey. LG New Energy joined SK Innovation after SK Innovation pulled out of the project earlier this year.

LG New Energy said that if completed, the plant would supply batteries to Ford's commercial electric vehicles. The US carmaker, in partnership with KOC, produces 450000 commercial vehicles a year in Turkey.