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A battery electric vehicle (BEV) or hybrid electric vehicle electric motors are powered by a rechargeable battery known as an electric vehicle battery (EVB, often referred to as a traction battery) (HEV).
The increased focus on EV launches by well-known automakers like Ford Motors, AG, and others is projected to fuel market expansion.
Additionally, a number of key drivers that are propelling this market include the rising demand for electric vehicles, customer interest in reducing vehicle carbon footprint, favourable government regulations, and better electric vehicle battery technology.
New cell chemistries are being researched for EV batteries to make them lighter, smaller, and able to store more energy, allowing electric cars to compete with conventional fuel-based vehicles.
The Turkey EV Battery Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Ford has proposed to create a joint venture with Turkish industrial behemoth Koç Holding and South Korea’s SK Innovation to produce EV batteries at a new factory close to Ankara.
Ford’s commercial cars, which are anticipated to be produced in large quantities at Ford’s assembly facilities in Turkey, would use batteries from this production, which is anticipated to have an annual capacity of 30 to 45 GWh.
The Turkish electric vehicle maker Togg and the Chinese battery company Farasis Energy have formed a joint venture named Siro with which they will each own a 50 percent stake. The batteries utilised in the complete line of Togg products will be developed and produced by Siro.
A memorandum of agreement between Farasis Energy and Togg to develop the specifics of a strategic partnership was previously signed. It has become evident that Togg will rely on cells from Farasis Energy and that the Chinese will also operate as Togg’s partner for the battery assembly.
While Siro’s headquarters are in Bilisim Vadisi in northwest Turkey, serial manufacture of the batteries will take place in the neighbourhood of Gemlik. In the beginning, it was claimed that the cells would be shipped to Turkey from Farasis’ proposed manufacturing in Bitterfeld
