Ford Motor Co. and SK Innovation’s battery division have canceled plans to build an electric vehicle battery plant in Turkey due to rising global interest rates and weak demand for electric vehicles in Europe, according to the Korea Economic Daily.
The two sides have reportedly withdrawn a preliminary agreement signed in March 2022. The plant was scheduled to begin operations in 2025 with an annual capacity of 30 to 45 GWh and was part of Ford’s plan to push for the production of 2 million electric vehicles per year by 2026.
Previously, Korean media reported that SK On, Ford and Turkish major Goetz Holdings will locate a new battery plant in Ankara, Turkey, which will adopt the design of the Hungarian Ivancho plant to speed up the construction of the new plant.
If the new Turkish plant adopts the same design as the Hungarian plant, it is expected that the plant may also produce 3060 batteries, which can be used in Ford pickups, passenger cars, vans and other commercial vehicles.
