Ford, LGES Abandon Plans for Massive Battery Plant Citing ‘Current Pace of EV Adoption’

Turkey’s Koc Holding has withdrawn from a non-binding agreement with Ford (NYSE: F) and LG Energy Solution for a collaborative effort to establish a major electric vehicle (EV) battery cell facility near Ankara. 

“Considering the current pace of electric vehicle adoption, the timing is not appropriate for a battery cell investment,” Koc Holding said in a statement.

Despite this setback, Ford and Koc Holding expressed their ongoing commitment to advancing electric vehicle production at Ford Otosan’s Kocaeli Plant. Both companies will assess potential battery cell investments in the future, aligning with the evolving dynamics of the electric vehicle market.

LG Energy Solution, a key supplier of EV batteries to major automakers including Ford, General Motors, and Tesla, acknowledged the mutual decision to abandon the joint venture due to the prevailing pace of consumer electrification adoption. 

However, reports say LG Energy Solution and Ford are collaborating on an alternative plan to facilitate battery cell production for electric vehicles through LG Energy Solution’s existing operations, sustaining their longstanding business relationship.


Information for this story was found via Reuter,s Electrek, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

PBO Report Says Canadians Still Can’t Afford EV As Liberal Plans to Ban Gas Vehicles by 2035

A fresh note from the Parliamentary Budget Officer flatlines Ottawa’s optimism on electric vehicle affordability,...

Thursday, June 12, 2025, 12:14:00 PM

Market Movers: Braille Energy Systems

An industrial business landscape increasingly concerned with energy storage has caused several brief periods of...

Monday, March 15, 2021, 10:33:00 AM

Tesla Killer? Mercedes-Benz Launches New CLA Electric Sedan Concept

Stand aside (or park in the corner), Tesla Model 3. Mercedes-Benz (ETR: MBG) has unveiled...

Tuesday, September 5, 2023, 12:58:30 PM

Joe Biden to Tighten Car Pollution Rules in Effort to Boost EV Adoption

The Biden administration is planning to propose the toughest-ever pollution rules for cars in the...

Friday, April 7, 2023, 09:00:00 AM

Ford, GM Electric Vehicle Models Under Scrutiny After Fires Erupted During Recharging

As the attention surrounding zero-emission modes of transportation has been heating up, so have the...

Saturday, October 17, 2020, 03:53:00 PM