Battery Maker SK On Likely To Pull Out Of Proposed JV With Ford

Loading...
Loading...
  • Electric vehicle battery maker SK On may call off its intended joint venture with Ford Motor Company F and Koc Holding AS in Turkey.
  • The parties signed a memorandum of understanding (MoU) for the same in March 2022, Reuters reported.
  • SK plans to retract the JV to produce batteries because of a weak macroeconomic outlook.
  • The JV aimed to produce 30-45 gigawatt hours (GWh) starting in 2025.
  • The final decision whether or not to halt negotiations regarding the joint venture has not been made yet," the company said in a statement.
  • SK On is the battery unit of SK Innovation Co, and its customer list includes Hyundai Motor Co HYMTFVolkswagen AG VWAGY, and Ford.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMediaGeneralBriefsEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...