SK On confirms termination of non-binding agreement to build battery cell venture in Turkey

Reuters

Updated 8 February 2023 at 2:20 am

FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul

SEOUL (Reuters) - South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co and Koc Holding AS to build a battery cell venture in Turkey has been terminated by mutual agreement.

SK On - whose parent SK Innovation Co Ltd counts Hyundai Motor Co, Volkswagen AG and Ford among its customers - announced the joint venture to make electric vehicle (EV) battery cells in Turkey last year.

(This story has been refiled to fix a typo in the headline)

(Reporting by Heekyong Yang; Editing by Tom Hogue)

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