Data released by database company Statista showed that the electric vehicle (EV) market in Europe is expected to reach $177.3 billion in 2023. About 450,000 commercial vehicles are being produced through Ford Otosan, a joint venture established by Ford and Koc Holding. A majority of them are being sold in Europe.
LG Energy Solution said in a press release on February 22 that the company will build a joint venture in Başkent, near Ankara, to create a battery plant by 2026. The annual production capacity of the facility will be at least 25-gigawatt hours (GWh) which can cover about 350,000 high-performance EVs with a travel distance of more than 500 kilometers (311 miles) per charge. The company said the capacity will be later expanded up to 45 GWh. The South Korean battery maker with a production capacity of 200 GWh will supply its battery products to its partners.
"Now joining forces with Ford and Koç in Turkey, we will bring in our leading battery technology to further boost the EV transition in Europe, thereby leading the global initiatives for a more sustainable future," said LGES CEO Kwon Young-soo.
"We believe that investments such as this major one will play a crucial role in overcoming this extraordinarily difficult period," Koc Holding said in a statement. "In this respect, we underline our determination to implement this investment facility with two global companies which will bring our country a significant global competitive advantage in the automotive industry."
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