Posted: 25.01.2023 16:08:00

LG negotiating to participate in building of auto battery factory in Turkiye

South Korean LG Energy Solution wants to participate in the construction of a plant producing batteries for electric cars in Turkiye, and it is currently in talks with two other project participants, Yonhap reports


It is known that the Korean company can work in co-operation with project participants: American Ford Motor and Turkish Koc Holding. To do this, it needs to hold successful negotiations and sign a memorandum of understanding.

The project was initially planned to be implemented jointly with another South Korean manufacturer – SK On, but the company decided to withdraw from the project due to high interest rates on loans, the problems related to investment attraction and a decrease in demand for electric cars in Europe, since electricity prices are rising in the European Union.

The plant is to be built near Ankara. Previously, it was planned to be launched in 2025 to produce 30-45 GWh batteries.