Ford announces MoU with LG Energy and Koc for battery joint venture

Ford Motor, LG Energy Solution and Koc Holding announced that they have signed a non-binding memorandum of understanding, or MoU, to form a new joint venture subject to final agreement by all the parties to "create one of Europe’s largest commercial electric vehicle battery cell facilities near Ankara, Turkey, strengthening the foundation for Ford’s electric future in Europe." Ford said: "The new joint venture will be located in an organised industrial zone in Bakent, near Ankara. The project is on track and expected to break ground later this year. Production is intended to start in 2026 with the three parties committing to at least 25 GWh of annual production capacity, which could potentially expand up to 45 GWh." Reference Link