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SK On Undecided on Battery Venture with Ford and Koc

SK On, the wholly-owned battery unit of SK Innovation, has yet to decide whether to pursue a battery cell venture in Turkey with Ford and Koc Holding.

Koc Logo
Koc Logo

The company had signed a memorandum of understanding (MoU) with the two firms in March but has yet to complete discussions on the joint venture. The final decision on whether to halt negotiations has yet to be made.

SK On counts Hyundai, Volkswagen, and Ford among its customers and has battery manufacturing sites in South Korea, China, Hungary, and the United States. The company had previously announced plans for an annual production capacity of 30-45 gigawatt hours (GWh), with production starting in 2025.