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[Alpha Biz=(Chicago) Reporter Kim Jisun] Ford, a U.S. automaker, chose LG Energy Solution as a partner in a joint venture for electric vehicle batteries. The production capacity is not much different from the scale discussed with SK ON earlier. The investment is also expected to be similar.
LG Energy Solutions announced on the 22nd that it has signed a memorandum of understanding with Ford and Turkey corporate coaches to promote the establishment of a joint venture to produce electric vehicle batteries. The joint venture will be built in the Tashkent region near Ankara, Turkey. The target time for mass production is 2026, and the annual production capacity will be expanded from the initial 25 gigawatt hours (GWh) to 45 GWh in the future.
Batteries produced at the joint venture will be mainly mounted on commercial vehicles produced by Ford. Currently, Ford and Coach are producing 450,000 commercial vehicles every year through their joint venture 'Ford Otosan', most of which are sold in the European market.
Earlier, Ford and Coach signed an MOU with SK ON, not LG Energy Solution, to discuss the establishment of a Turkish joint venture. However, the MOU officially ended this month as investment discussions were sluggish due to the economic slowdown. Since then, Ford and Coach have selected LG Energy Solution as their new partner and have been discussing it.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
