South Korean battery maker SK On said it has signed a memorandum of understanding with Ford Motor and Koc Holding to form a joint venture to produce electric vehicle battery cells in Turkey.
The plant is targeted to start by 2025 and aims to have an annual production capacity of 30 to 45 gigawatt hours, SK On said in a statement on Monday.
SK On, which is SK Innovation’s wholly owned battery unit, counts Ford, Volkswagen and Hyundai among its customers.
Ford plans to build a new version of its Transit Custom van for the European market in Turkey in 2023 including full-electric and hybrid variants along with the combustion-engined version.
SK announced last year a plan to invest 10.2 trillion won ($8.22 billion) with Ford to build three battery plants in the U.S.
SK currently has battery production sites in the U.S., Hungary, China, and South Korea.