SK On Confirms Termination Of Non-Binding Agreement To Build Battery Cell Venture In Turkey

South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co and Koc Holding AS to build a battery cell venture in Turkey has been terminated by mutual agreement.

SK On - whose parent SK Innovation Co Ltd counts Hyundai Motor Co, Volkswagen AG and Ford among its customers - announced the joint venture to make electric vehicle (EV) battery cells in Turkey last year.