IMF Urges U.S. to Cut Fiscal Deficit to Reduce Trade and Current Account Gaps 
Strait of Hormuz LNG Crisis Triggers Global Energy Market Shock 
Germany and China Reaffirm Open Trade and Strategic Partnership in Landmark Beijing Visit 
Trump Warns Iran as Gulf Conflict Disrupts Oil Markets and Global Trade 
PBOC Scraps FX Risk Reserves to Curb Rapid Yuan Appreciation 
Coupang Reports Q4 Loss After Data Breach, Revenue Misses Estimates 
BlueScope Steel Shares Drop After Rejecting Revised A$15 Billion Takeover Bid 
Trump Orders Federal Agencies to Halt Use of Anthropic AI Technology 
Strait of Hormuz Oil and LNG Shipments Disrupted After U.S.-Israel Strikes on Iran 
Nintendo Share Sale: MUFG and Bank of Kyoto to Sell Stakes in Strategic Unwinding 
Hyundai Motor Group to Invest $6.26 Billion in AI Data Center, Robotics and Renewable Energy Projects in South Korea 
Toyota Plans $19 Billion Share Sale in Major Corporate Governance Reform Move 
China’s New Home Prices Post Sharpest Drop Since 2022 Amid Ongoing Property Slump 
Australian Dollar Rallies on Hawkish RBA Outlook; Yen Slips as BOJ Faces Political Pressure 
FAA Plans Flight Reductions at Chicago O’Hare as Airlines Ramp Up Summer Schedules 
Lynas Rare Earths Shares Surge on Strong Half-Year Earnings and Rising Global Demand 
U.S. Stocks Close Lower as Hot PPI Data, Nvidia Slide Weigh on Wall Street 
SK On, the South Korean electric vehicle battery maker, is thinking of pulling out from its deal with Ford Motor Co. The two companies previously agreed to a joint battery venture, and they are set to build a plant in Turkey.
Koc Holding A.S. is also part of the deal as SK On and Ford Motor’s local partner. As per Yonhap News Agency, it was in March of last year when the three firms initially inked a memorandum of understanding (MOU) to manufacture electric vehicle (EV) battery cells. The plan is to build a production plant in Turkey’s capital city of Ankara and then start the operation by the year 2025.
SK On, Ford Motor, and Koc Holding have been in discussion for their joint venture since March. The factory was estimated to accommodate the production of EV batteries with an annual capacity of 30-45 gigawatt hours.
However, the three have not reached any conclusion; thus, the project has not been finalized. The other reasons why the firms are unable to close the deal include the increasing interest rates coupled with the economic slowdown worldwide.
"The company is reviewing the MOU as part of its selection and concentration strategy when it comes to the EV battery business," SK On’s spokesperson told the publication via phone when asked about the deal for the EV battery plant in Turkey.
The company further stated, "After signing the MoU in March 2022, we have been discussing the joint venture case in Turkey, but discussions have not been completed. The final decision whether or not to halt negotiations regarding the joint venture has not been made yet."
Apparently, SK On has not yet made its decision if it will proceed with its battery cell business with Ford Motor or not. Amid the news, Reuters reported that the company is planning to just scrap the agreement citing a dull macroeconomic environment. Finally, it was noted that the company could let go of this deal since it is already operating several battery manufacturing plants in the U.S., South Korea, Hungary, and China.
Photo by Kristijan Males/Unsplash
