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Ford, LG Energy, Koc Holding team up for Turkish battery cell plant
Global Banking & Finance Review®
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FRANKFURT (Reuters) – Ford, LG Energy Solution and Koc Holding have signed a non-binding agreement to form a joint venture to create one of Europe’s biggest electric vehicle battery cell facilities in Turkey, they said on Tuesday.
FRANKFURT (Reuters) – Ford, LG Energy Solution and Koc Holding have signed a non-binding agreement to form a joint venture to create one of Europe’s biggest electric vehicle battery cell facilities in Turkey, they said on Tuesday.
The agreement comes two weeks after South Korean electric vehicle maker SK On, a unit of SK Innovation Co Ltd, withdrew from the joint venture in which it was meant to be a partner under a deal agreed last year.
(Reporting by Christoph Steitz; Editing by Tomasz Janowski)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
Electric vehicle batteries are rechargeable batteries used to power electric vehicles, providing the energy needed for propulsion and other electrical functions in the vehicle.
Battery technology refers to the science and engineering involved in the design, development, and manufacturing of batteries, including their chemistry, performance, and applications.
Sustainability in business refers to practices that meet present needs without compromising the ability of future generations to meet their own needs, often focusing on environmental, social, and economic impacts.
A non-binding agreement is a document that outlines the terms of a proposed deal but does not legally obligate the parties to fulfill the terms, allowing for further negotiation.
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