Koç Holding abandons that investment
Koç Holding has announced that it has abandoned its 'battery cell production facility' investment. In a statement made to the Public Disclosure Platform (KAP) regarding the matter, it was stated that the timing for the battery investment was not appropriate and that the letter of intent had been terminated.
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Koç Holding's statement on the Public Disclosure Platform (KAP) included the following expressions:
"In the evaluations made regarding the battery cell production investment planned to be realized in Ankara by Ford Motor Company and LG Energy Solution with the participation of the Koç Group, it has been concluded that the timing for the battery investment is not appropriate, taking into account the development in current electric vehicle penetration, and the Letter of Intent (MoU) subject to our announcement dated February 21, 2023, has been terminated.
As Ford and Koç Holding, our support for Ford Otosan's efforts towards electric vehicle production at its Kocaeli factories will continue, and a battery cell investment may be evaluated in the future according to developments in electric vehicle market dynamics."