SEOUL - South Korean battery maker SK On said on Monday it has signed a memorandum of understanding (MOU) with Ford Motor Co and Koc Holding As to form a joint venture to produce electric vehicle (EV) battery cells in Turkey.
The plant is targeted to start by 2025 and aims to have an annual production capacity of 30-45 gigawatt hours (GWh), SK On said in its statement.
SK Innovation Co Ltd's wholly owned battery unit, which counts Ford Motor, Hyundai Motor Co, and Volkswagen AG among its customers, announced last year a plan to invest 10.2 trillion won ($8.22 billion) with Ford to build three battery plants in the United States.
The company currently has battery production sites in the United States, Hungary, China, and South Korea.
($1 = 1,240.1900 won)