The negotiations took place after SK On was about to cancel a memorandum of understanding (MOU) with Ford Motor and Turkish conglomerate Koc Holding A.S. to build an electric car battery factory.
If talks with Ford go well, LG Energy Solution will sign an MoU with Ford in the coming weeks.
In March 2022, Ford, SK On and Koc Holding signed a preliminary agreement to manufacture electric vehicle battery cells near the Turkish capital, Ankara, which will begin production in 2025.
The joint venture has an annual electric car battery production capacity of 30-45 gigawatt hours (GWh).
According to SK on, they have not yet concluded to carry out the project amid rising interest rates and a global economic slowdown.
SK On is wholly owned by SK Innovation Co., a refining affiliate of SK Group, South Korea’s second largest conglomerate after the Samsung Group.
Ford will maintain its partnership with SK On on other projects, including building two electric car battery plants in the US.