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[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Energy Solutions withdrew its plan to build a battery plant in Turkey in collaboration with Ford and Turkey Koç Group of the United States. Instead, the company decided to produce battery cells from idle plants and supply them to Ford
LG Energy Solutions announced on November 11 that it will withdraw the non-binding trilateral agreement (MOU) signed with Ford and Coke Group to build a local joint factory.
Previously, the three companies signed an MOU in February and decided to establish a 25 GWh electric vehicle battery plant in the Turkey Ankara region with the aim of mass-producing in 2026. It also said it will consider increasing production to 45GWh in the future. It was scheduled to start construction at the end of this year, but it changed its strategy rapidly as sales of electric vehicles slowed down in Europe. It was decided that it was not time to spend a lot of money on new expansion.
An official of LG Energy Solutions said, "We decided to supply battery cells produced in existing factories directly to Ford instead of joint venture (JV)."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
