Turkish industrial conglomerate Koç Holding has announced that it has revoked the memorandum of understanding it inked with Ford Motor and LG Energy Solution Ltd for an electric vehicle (EV) battery cell plant back in February this year.
According to its statement to Turkey’s Public Disclosure Platform, the company has dropped plans to build one of Europe’s largest EV battery cell plants on the grounds that the timing was not right for this kind of investment due to the current pace of EV adoption.
Nevertheless, Ford Otosan will continue to support electric vehicle production at the Kocaeli plant and will re-evaluate potential battery investments in line with the developments in the electric vehicle market in the future.