The news from South Korea suggested that the battery factory that Ford America was planning to establish in Turkey with SK On could be canceled without hammering a single nail. Koç Holding made an official statement on the allegations.
Koç Holding made a statement that shook the agenda about a year ago. In a statement made by the company, Ford and the South Korean battery manufacturer SK Ten An agreement was made with Ankara and within the scope of this agreement, a huge battery factory will be established had announced. In the statement made in the middle of last year, the size of the project 32 billion TL will be at the level it was stated. Recent claims suggest that the project is worth $3.2 billion, or 60 billion TL at today’s exchange rates. Of course, if it happens…
The latest news reveals that the partnership plans are about to fall into the water. Korea Economic DailyAccording to a news in SK On, it has decided to withdraw from this cooperation. The reason for this decision; It was the Russia-Ukraine war, the contraction in the European market and the global economic conditions. Allegedly, the company outsourced its work to Europe. moved to the USA.
Koç Holding shared a statement about the “Factory has been canceled” news:
Sharing a statement on the Public Disclosure Platform (KAP), Koç Holding neither confirmed nor denied the allegations. “For the realization of battery investment All alternatives are evaluated.Koç Holding’s full statement is as follows:
“With the announcement dated 14.03.2022, within the scope of our ongoing efforts to examine the emerging opportunities in the automotive industry, Ford Motor Company (“Ford”) and SK On Co., Ltd. (“SKO”), a non-binding Letter of Intent (MoU) was signed, containing the preliminary intentions of the parties, in order to evaluate the cooperation opportunities for Koç Group’s participation in the battery production investment planned to be realized in Ankara.
There were some news in the media that the said cooperation was abandoned, and our Group companies received many questions and comments on the subject.
The non-exclusive MoU signed between Koç, Ford and SKO is in effect, and there is no change in Ford’s approach towards making battery investments in Turkey with Koç. In this context, all alternatives for the realization of battery investment are evaluated.
In case of a decision that has legal consequences on the subject, necessary explanations will be made in accordance with the Capital Markets Board’s Communiqué on Special Cases II-15.1.“
‘Escaped’ statements came from SK On
With the news of Korea Economic Daily being on the agenda Bloomberg, wanted to get information from SK On about the subject. In the information shared by Reuters, there is no clear turn We see. In the statement made by SK On regarding the latest news, it is stated that an agreement has been made with Ford on the establishment of the joint venture in Turkey, but it has not yet decided whether to complete the agreement by signing the final signatures or to halt the negotiations. they have not decided specified.
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Meanwhile; your claims thinking it might be true Let’s talk about one more development. SK On established a battery factory in Kentucky, USA in the past months. If this is a 50 percent partner of the battery factory FordThat’s right… Therefore, the company may have preferred to focus on the USA, where the electric car market is growing steadily, instead of investing in Europe, which is shrinking and the pressure of Chinese car brands is increasing.