In order to push for a joint venture to establish an electric vehicle (EV) battery plant in Turkey, LG Energy Solution (LGES) announced that it has inked an initial agreement with Ford Motor and Koc Holding A.S. of Turkey.
The declaration followed the Turkish conglomerate's confirmation in a filing earlier this month that its collaboration with the US automobile and the Korean battery manufacturer SK On had come to an end.
The likelihood that LGES will be their new partner has been widely conjectured.
According to a release from LGES, the three firms have agreed to push for the construction of an EV battery production facility in Baskent, a city close to the Turkish capital of Ankara.
The factory, which is scheduled to start up for business in 2026, will initially have a production capacity of 25 gigawatt hours (GWh), before increasing its yearly output to 45 GWh, according to the battery manufacturer.
Ford will use the plant's output to make its commercial cars. The majority of the 450,000 commercial vehicles produced by Ford and Koc's joint venture in Turkey are marketed in Europe. (Yonhap)
The first supplier of electric automobiles, electric ships, drones, and battery-powered spacesuits was LG Energy Solution.