Recently, the Korean electric vehicle battery giant LG New Energy (LGES) announced that it has signed a preliminary agreement with Ford Motors and KOC HOLDING in Turkey to promote the establishment of a joint venture and build an electric vehicle battery plant in Turkey.
This time, three companies such as LG New Energy will promote Baskers near the Turkish capital to build a electric vehicle battery production plant. The new factory is expected to start the soil construction later this year and is planned to be officially put into production in 2026. It is reported that the annual production capacity of the new factory can reach 25GWh, and it may reach 45GWh in the future.
LG new energy said that the factory may become a battery supplier of Ford commercial electric vehicles in the future. At present, Ford and KOC Holding have a joint venture in Turkey and produce 450,000 commercial vehicles per year, most of which are sold to Europe.
LG New Energy has established a battery factory in South Korea, the United States, China, Poland, Indonesia and Canada, with an annual total production capacity of 200GWh. Due to the surge in global demand, as of the end of 2022, the company's order backlog volume reached 385 trillion won. LG's new energy target will expand its global capacity to 300GWh by the end of this year.
In terms of performance, in 2022, LG's new energy achieved net profit of 779.8 billion won, a decrease of 16.1%from 2021; the annual operating profit was 1.21 trillion won, which was higher than 768.5 billion won in 2021; revenue was 255,900,000; 100 million won, an increase of 43.4%.
