Battery Maker SK On Likely To Pull Out Of Proposed JV With Ford

by Shivani Kumaresan, Benzinga Staff Writer
January 9, 2023 5:50 AM | 1 min read |
  • Electric vehicle battery maker SK On may call off its intended joint venture with Ford Motor Company F and Koc Holding AS in Turkey.
  • The parties signed a memorandum of understanding (MoU) for the same in March 2022, Reuters reported.
  • SK plans to retract the JV to produce batteries because of a weak macroeconomic outlook.
  • The JV aimed to produce 30-45 gigawatt hours (GWh) starting in 2025.
  • The final decision whether or not to halt negotiations regarding the joint venture has not been made yet," the company said in a statement.
  • SK On is the battery unit of SK Innovation Co, and its customer list includes Hyundai Motor Co HYMTF, Volkswagen AG VWAGY, and Ford.
  • Photo Via Company
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