SK On–Ford Motor scrap USD3.2 billion Turkey battery plant

Corporate developments

SK On has withdrawn from the MoU it had signed with Ford and Koc Holding for the planned gigafactory in Turkey

South Korean electric vehicle (EV) battery maker SK On has scrapped its plan to build the KRW4 trillion (USD 3.2 billion) battery manufacturing facility in Turkey on account of high cost of capital and the looming risks from the ongoing Russia–Ukraine war, according to a news report published by the Korea Economic Daily on 9 January 2023.

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