Koç Holding announced that the electric car battery production factory, which was expected to be established in Ankara in cooperation with LG and Ford, was abandoned. It was stated that the facility, which would be one of the largest in Europe, was canceled because the timing was not correct.
Koç Holding announced last year that an electric car battery production facility would be established in Turkey. In fact, a partnership was established with Korean technology giant LG earlier this year for the factory to be established together with Ford. LG replaced SK On, which withdrew from the partnership. The facility, which is said to cost 32 billion TL, was planned to be established in Ankara and start production around 2026.
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However, while the excited wait for this facility, which will be a big move for Turkey, continues, new news came today. Koç Holding has stopped investing in battery production facilities for now. was given up announced.
The reason given was that the timing was not right for the investment.
In the statement made through the Public Disclosure Platform (KAP), it was stated that the letter of intent signed with Ford and LG was terminated and the facility was cancelled. The facility was planned to be established in Ankara Capital Organized Industrial Zone, have a capacity of 45 GWh and become one of the largest battery factories in Europe.
Regarding the justification for this decision, “Considering the development in current electric vehicle penetration It has been concluded that the timing is not suitable for battery investment.” expressions were used. In addition, the giant company stated that the battery cell investment may be re-evaluated in the future depending on the developments in the electric vehicle market dynamics.