"Ford, LG Energy Solution and Koç's battery factory postponement plan"

According to the Korea Economic Daily, Ford, LG Energy Solution and Koç Holding are considering postponing the groundbreaking of a joint battery factory in Turkey. According to the Korea Economic Daily, citing unnamed industry sources, Ford, LG Energy Solution and Koç Holding are considering postponing the groundbreaking of a planned electric vehicle battery manufacturing facility in Turkey. The companies signed a non-binding memorandum of understanding in February. According to the agreement, the facility, which will produce battery cells for commercial electric vehicles, was planned to be built near Ankara and the groundbreaking was planned to take place this year. According to the report, LG Energy Solution said that no decision has been made on the timing of the construction. The postponement is an indication that the Korean company is slowing down its growth rate. Korean battery material manufacturers, including Korea Zinc, are also reviewing their investment plans.