Battery Maker SK On Likely To Pull Out Of Proposed JV With Ford

• Electric vehicle battery maker SK On may call off its intended joint venture with Ford Motor Company (NYSE: F) and Koc Holding AS in Turkey.

• The parties signed a memorandum of understanding (MoU) for the same in March 2022, Reuters reported.

• SK plans to retract the JV to produce batteries because of a weak macroeconomic outlook.

• The JV aimed to produce 30-45 gigawatt hours (GWh) starting in 2025.

• The final decision whether or not to halt negotiations regarding the joint venture has not been made yet," the company said in a statement.

• SK On is the battery unit of SK Innovation Co, and its customer list includes Hyundai Motor Co (OTC: HYMTF), Volkswagen AG (OTC: VWAGY), and Ford.

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