South Korean battery maker SK On mentioned it has signed a memorandum of understanding with Ford Motor and Koc Holding to kind a three way partnership to provide electrical automobile battery cells in Turkey.
The plant is focused to start out by 2025 and goals to have an annual manufacturing capability of 30 to 45 gigawatt hours, SK On mentioned in a press release on Monday.
SK On, which is SK Innovation’s wholly owned battery unit, counts Ford, Volkswagen and Hyundai amongst its clients.
Ford plans to construct a brand new model of its Transit Customized van for the European market in Turkey in 2023 together with full-electric and hybrid variants together with the combustion-engined model.
SK introduced final 12 months a plan to speculate 10.2 trillion received ($8.22 billion) with Ford to construct three battery vegetation within the U.S.
SK at the moment has battery manufacturing websites within the U.S., Hungary, China, and South Korea.