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[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe's biggest electric vehicle (EV) battery cell facilities near Turkey's capital Ankara. "Considering the current pace of electric vehicle adoption, the timing is not appropriate for a battery cell investment," Koc Holding said in a statement to the Public Disclosure Platform (KAP). "Ford and Koc Holding will remain committed to support electric vehicle production at Ford Otosan's (FROTO.IS) Kocaeli Plant and will evaluate potential battery cell investments in the future in line with the dynamics of the electric vehicle market," it said. "LG Energy Solution and Ford are working together on a plan to support battery cell production for this EV from LG Energy Solution’s existing operations, extending the companies’ long-standing business relationship," LGES said in a statement.

Persons: Kim Hong, Koc, Ford, LGES, Ebru Tuncay, Heekyong Yang, Huseyin Hayatsever, Chizu Nomiyama, Diane Craft Organizations: LG Energy, REUTERS, Rights, Turkey's Koc, Ford, Koc Holding, General Motors, LG, EV, EVs, Thomson Locations: Seoul, South Korea, Rights ANKARA, SEOUL, Korean, Turkey's, Ankara, China, Europe, United States, Poland, Indonesia, Canada

☆ Turkey's market rout deepens after Erdogan's strong election showing
▼ + stars: | 2023-05-16 | by ( Libgeorge Canan Sevgili | Canan Sevgili | ) www.reuters.com time to read: +4 min

Ahead of the elections, opinion polls had showed Kilicdaroglu in the lead, and investors expected him to scrap some of Erdogan's economic policies, including costly efforts to prop up the lira currency. Longer-dated, dollar-denominated government bonds saw the biggest falls in fixed income markets, although key corporate and banking sector bonds also edged lower. Credit ratings agency Fitch said the political and economic uncertainty would continue at least until after the runoff. Banking stocks, which had surged in the week ahead of the election on hopes of a policy change, tumbled another 8% (.XBANK) to take their losses since the election to nearly 20%. The overall Istanbul bourse index (.XU100), which had notched a 6.1% fall on Monday, its largest daily percentage drop since early February, was mostly flat.

☆ SK On confirms termination of non-biding agreement to build battery cell venture in Turkey
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 8 (Reuters) - South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co (F.N) and Koc Holding AS (KCHOL.IS) to build a battery cell venture in Turkey has been terminated by mutual agreement. SK On - whose parent SK Innovation Co Ltd (096770.KS) counts Hyundai Motor Co (005380.KS), Volkswagen AG (VOWG_p.DE) and Ford among its customers - announced the joint venture to make electric vehicle (EV) battery cells in Turkey last year. Reporting by Heekyong Yang; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Whirlpool partners Arcelik in Europe, quits MidEast and Africa
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for 20 million euros ($21.65 million) in cash. The moves come after Whirlpool launched a review of its Europe, Middle East and Africa (EMEA) operations in April 2022 and said it planned to focus on higher margin businesses. The U.S. firm said the Middle Eastern and African businesses being sold to Arcelik had sales of around $4.2 billion in 2021. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year. The deals are expected to be completed in the second half of the 2023, subject to regulatory approval, Arcelik said.

☆ SK On says it is undecided whether to proceed with battery venture with Ford, Koc
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. "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," SK On said in a statement. SK On is the wholly owned battery unit of SK Innovation Co Ltd (096770.KS), and counts Hyundai Motor Co (005380.KS), Volkswagen AG (VOWG_p.DE) and Ford Motor among its customers. In announcing the joint venture plans in March, SK On said the partners aimed for annual production capacity of 30-45 gigawatt hours (GWh) with production starting in 2025.

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