Koç Holding withdraws from the non-binding MoU with LGES and Ford for an EV battery JV in Türkiye

Korean news agency Yonhap reports that LG Energy Solution, Ford, and Koç Holding scrap plans to build an EV battery JV in Türkiye. Earlier this year, on February 22, the three companies signed a non-binding Memorandum of Understanding (MoU) to form a new joint venture to create one of Europe’s largest commercial electric vehicle battery cell facilities near Ankara, Türkiye. The agreement was subject to final agreement by all the parties. Obviously, as per LGES, Koç Holding revoked its participation in the project, citing its consideration of EV adoption and inappropriate timing for battery investment. This decision arrives in a moment of concern about slowing EV demand, rising costs, and economic downturn.Source

The Elec reports that Ford has hired a former VP at Samsung SDI to develop EV batteries in its joint venture with SK On – Blue Oval SK. According to The Elec’s sources, the company has appointed Kim Sung-hoon. He has experience and expertise in developing large batteries, manufacturing technologies such as stacking of battery materials, and production lines for them. It is expected that he will focus on battery…

8 November 2023

LG Energy Solution and Toyota Motor North America today announced that they have signed a supply agreement for lithium-ion battery modules to be used in Toyota battery electric vehicles (BEVs) that will be assembled in the United States. Under the contract, LG Energy Solution will supply automotive battery modules at an annual capacity of 20GWh starting from 2025. The battery modules, consisting of high-nickel NCMA…

4 October 2023

Ford F-150 Lightning Flash debuts today – a tech-forward offering that brings together most of the current customers’ favorite features for $69,995. The F-150 Lightning Flash expands on the XLT model line by adding in-demand tech capabilities, including an extended-range battery, which has a targeted EPA-estimated range of 320 miles, available Ford BlueCruise v1.2 hands-free highway driving, and a standard 15.5-inch…

3 October 2023

LG Magna e-Powertrain, the JV between LG Electronics and Magna formed in 2021, announced at IAA Mobility 2023 that it is expanding its footprint with a new facility in Miskolc, Hungary. The facility will be in Miskolc’s industrial area which features well-developed infrastructure and is strategically located near OEM customers and other Magna facilities throughout the region. The company has also received strong…

4 September 2023

Governor Brian P. Kemp today announced that Hyundai Motor Group and LG Energy Solution (LGES) will invest an additional $2 billion in their battery cell manufacturing joint venture (JV) at the Metaplant in Bryan County, raising the JV’s total investment value to more than $4.3 billion. This expansion will create another 400 new jobs. In May 2023, Hyundai Motor Group and LGES signed a memorandum of understanding…

1 September 2023

SK On announced it will establish a cathode manufacturing facility in Canada with global major automaker Ford Motor and cathode producer EcoPro BM as they joined a move to strengthen a value chain covering from key battery materials to electric vehicles (EVs). Cathode is a core material determining the performance of an EV battery. The three companies announced that the cathode plant will be built on the 278,000…

24 August 2023

Business Korea reports that according to its industry and government sources, Samsung SDI and the Ulsan city officials are in talks regarding the expansion of the company’s Ulsan plant with an LFP battery production line. If these talks lead to actual construction, this will be the first lithium iron phosphate (LFP) battery production facility in South Korea. This type of battery is less efficient than the NMC one…

21 August 2023

U.S. is on the cusp of an electric vehicle (EV) revolution, as EVs are expected to make up half of new car sales worldwide by 2035 (Goldman Sachs). At the forefront of this growing market, LG Energy Solution Michigan’s second battery plant is now on track, with the aim of expanding its capacity five-fold. LGES Michigan is investing USD 1.7 billion into the expansion project, adding an additional 1.7 million square…

25 July 2023

NextStar Energy, the vehicle battery joint venture between Stellantis and LG Energy Solution, signed a binding agreement that secures the future of battery cell and module production in Windsor, Ontario and honors the commitments that were made by the Canadian government to level the playing field with the U.S. Inflation Reduction Act (IRA). Effective immediately, all construction at the NextStar Energy battery…

7 July 2023

LG Chem announced in South Korea that it has started mass production of high-nickel single-particle (single crystal) cathode materials for next-generation EV batteries at its Cheongju cathode material plant in June. The first batch of products will be sent to global customers in July. LG Chem plans to expand its single-particle cathode material production line to its Gumi plant by 2027 and expand its total…

29 June 2023

LG Energy Solution and Honda marked another major milestone of construction for its new joint venture EV battery facility this week when the first steel beam was installed at the plant site in Jeffersonville, Ohio. The companies have committed to invest $3.5 billion, with plans to create 2,200 jobs, in the over 2 million square feet facility, with an overall investment projected to reach $4.4 billion. The new joint…

21 June 2023

The Ford Cologne Electric Vehicle Center officially opens following a $2 billion investment to transform the historic plant, first founded in 1930. This hi-tech production facility in Germany will build Ford’s new generation of electric passenger vehicles for millions of European customers. Designed to be highly efficient, the 125-hectare site is equipped with a brand-new production line, battery assembly, and…

14 June 2023

Ford Motor Company said today it reached an agreement with Tesla Motors that will provide Ford electric vehicle customers access to more than 12,000 Tesla Superchargers across the U.S. and Canada, doubling the number of fast-chargers available to Ford EV customers starting Spring 2024. A Tesla-developed adapter will provide Ford F-150 Lightning, Mustang Mach-E and E-Transit vehicles fitted with the Combined Charging…

26 May 2023

LG Energy Solution (LGES) and Hyundai Motor Group announced an EV battery cell manufacturing joint venture in the U.S. today. LGES and Hyundai Motor Group signed a memorandum of understanding to produce EV batteries in the U.S. and further accelerate the Group’s electrification efforts in North America. The signing ceremony took place in LGES’s headquarters in Seoul on May 26 with the attendance of Youngsoo Kwon…

25 May 2023