Ford, SK On finalize U.S. joint venture on EV batteries

• Author
• Recent Posts

Jessica Thompson

Jessica Thompson, a 35-year-old automotive enthusiast and mother of two, co-founded CarGirls.ca to empower and educate women about the automotive world. Jess's passion for cars started in her father's garage, learning the mechanics of automotive repair. With a degree in Mechanical Engineering, Jess has extensive expertise in automotive design and technology. She enjoys attending car shows, racing her custom-built Mustang, and teaching her kids about car maintenance. Jess is dedicated to inspiring and supporting women in their automotive journeys.

Latest posts by Jessica Thompson (see all)

• Quick Look at the 2020 Volkswagen Atlas Cross Sport | MotorTrend - March 13, 2024
• BMW Design – 2009 BMW Z4 – 2009 Detroit Auto Show - March 11, 2024
• Top 10 Car Features Women Love - October 7, 2023

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

The JV, BlueOval SK LLC, will establish a battery plant for EVs in Tennessee and two other facilities in Kentucky, the U.S. automaker said in a regulatory filing.

Ford will contribute up to $6.6 billion in capital to BlueOval SK over a five-year period ending in 2026, the automaker said.

Both companies had signed a memorandum of understanding for the JV in May last year. BlueOval SK is expected to produce about 60 gigawatt hours of power annually that could be raised further.

Several battery makers have announced plans to invest in the U.S. as part of an industry trend to meet the expected growth for EVs and reduce reliance on production in China, as well as cut the related supply chain risks.

South Korean battery makers have announced investment plans of $5.5 billion this year in U.S. plants.