Koç Holding announced the cancellation of the Ford battery cell investment. In the statement made to the Public Disclosure Platform (KAP), it was mentioned:
“In the evaluations regarding the battery cell production investment planned to be realized in Ankara with the participation of Koç Group, in collaboration with Ford Motor Company and LG Energy Solution, it has been concluded that the timing for the battery investment is not appropriate, taking into account the progress in the current electric vehicle penetration. As a result, the Memorandum of Understanding (MoU) mentioned in our announcement dated February 21, 2023, regarding this matter has been terminated.
Ford and Koç Holding will continue to support Ford Otosan’s efforts for electric vehicle production in its Kocaeli factories. Depending on developments in the dynamics of the electric vehicle market, battery cell investment may be reconsidered in the future.”