Ford, SK On finalize U.S. EV battery joint venture

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Ford Motor Co and South Korean battery maker SK On Co along with its subsidiary on Thursday finalized setting up a joint venture for creating and operating battery production services in the United States.

The JV, BlueOval SK LLC, will build a battery plant for electric powered autos (EV) in Tennessee and two other facilities in Kentucky, the U.S. automaker mentioned in a regulatory submitting.

Each the corporations experienced signed a memorandum of being familiar with for the JV in Might previous year. BlueOval SK is anticipated to develop about 60 gigawatt hours of power per year that could be raised more.

Many battery makers have introduced strategies to make investments in the United States, as portion of an marketplace craze to meet up with the envisioned development for EVs and lower reliance on manufacturing in China and slash the similar provide chain pitfalls.

South Korean battery makers have declared financial commitment programs of $5.5 billion this year in U.S. plants.

Ford will contribute up to $6.6 billion in cash to BlueOval SK around a 5-yr time period ending in 2026, the automaker said.

(Reporting by Kannaki Deka in Bengaluru Enhancing by Vinay Dwivedi)

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