ANKARA, Nov 10 (Reuters) - Turkey's Koc Holding said on Friday that it revoked an earlier agreement with Ford and South Korean battery maker LG Energy Solution for a joint venture to produce battery cells for commercial electric vehicles.
The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe's biggest electric vehicle 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 Kocaeli Plant and will evaluate potential battery cell investments in the future in line with the dynamics of the electric vehicle market," it said.
(Reporting by Ebru Tuncay, Writing by Huseyin Hayatsever; Editing by Chizu Nomiyama)