According to the industry on the 9th, SK On and Ford are considering withdrawing their business plans. 

 

Since signing the Memorandum of Understanding (MOU) for the establishment of a joint venture with Turkey, the signing of this contract has been slow. An official from SK On said, "We have been discussing the Turkey joint venture (JV) since the business agreement MOU in March last year, but discussions have not been completed so far," adding, "It has not been decided whether to suspend the negotiations."

Earlier in March last year, SK ON signed an MOU with Ford and Coach to promote the establishment of a three-way joint venture. 

 

It was planned to build a battery joint plant near Ankara, the capital of Turkey, and start commercial production on an annual scale of 30∼45GWh (Gigawatt hour) from 2025. The total investment of the three companies was estimated at 3 trillion ∼ 4 trillion won.

Since then, the three companies have discussed detailed issues, but investment discussions have been slow. This is because the global fund market has shrunk sharply due to concerns over an economic slowdown and interest rate hikes.

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