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

Electric vehicle battery maker SK On may call off its intended joint venture with Ford Motor Company (NYSE: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 (OTC:HYMTF), Volkswagen AG (OTC:VWAGY), and Ford.
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