ford, sk on finalize u.s. ev battery joint venture

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 electric vehicles (EV) in Tennessee and two other facilities in Kentucky, the U.S. automaker said in a regulatory filing.

Both the 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 United States, as part of an industry trend to meet the expected growth for EVs and reduce reliance on production in China and cut the related supply chain risks.

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

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

(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)

Related video:

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

CAR'S NEWS RELATED

Track-Only 2023 Ford GT Mk IV is the Most Extreme Yet

Photo: Ford The six-year production run of the third generation of Ford’s flagship sports has come to an end. The GT is an exclusive product and a wonderful tribute to the famous GT40 of the 1960s, especially with all those limited editions. However, Ford has one final ace up ...

View more: Track-Only 2023 Ford GT Mk IV is the Most Extreme Yet

Track-only limited-edition Ford GT Mk IV unveiled

Ford GT Mk IV track car: front three quarter static Ford GT Mk IV track car: front static Ford GT Mk IV track car: top-down view Ford GT Mk IV track car: side view Ford GT Mk IV track car: rear three quarter static ► It’s the last track-only ...

View more: Track-only limited-edition Ford GT Mk IV unveiled

£1.4m Ford GT Mk IV launched as hardcore final edition

Ford’s supercar bows out with a track-only homage to its Le Mans-winning ancestor

View more: £1.4m Ford GT Mk IV launched as hardcore final edition

Ford looks to market American heritage to consumers in Europe with larger EVs

Nine months after outlining extensive plans to bring more EV models to Europe, Ford Motor Company shared its intentions to use the transition to rebrand itself under a new slogan – “adventurous spirit,” which represents American values like freedom, the outdoors, and of course larger vehicles. Whether consumers in ...

View more: Ford looks to market American heritage to consumers in Europe with larger EVs

2023 Ford GT Mk IV, 2024 Corvette E-Ray: Today's Car News

Ford has revealed a new version of its GT supercar, which the automaker promises will be the last. It’s a track-only model similar to the previous GT MkII, but this time there are unique designs for the body and engine. We’re also told to expect more than 800 hp. ...

View more: 2023 Ford GT Mk IV, 2024 Corvette E-Ray: Today's Car News

Ford GT MK IV is the Track-Only Send-Off it Deserves

The third-generation Ford GT supercar will soon end its run, and the Blue Oval is sending it off with a track-only GT MK IV. By now, everyone knows the story of the original Ford GT40 at the 1966 24 Hours of Le Mans endurance race. The models present in ...

View more: Ford GT MK IV is the Track-Only Send-Off it Deserves

The Only Advantage Off-Roaders See in the Jeep Wrangler vs. the Ford Bronco

A look at the specs of these two SUVs How the Jeep Wrangler beats the Ford Bronco in terms of off-road capability Car shoppers may still find that the Ford Bronco is a great choice The Jeep Wrangler is well-known among off-roaders for being a capable SUV on the ...

View more: The Only Advantage Off-Roaders See in the Jeep Wrangler vs. the Ford Bronco

Keystone Collection Shows Off Pristine Ford Mustangs

Classics like these were made for fun. Classic Ford Mustangs are some of the coolest old vehicles to ever hit the American automotive market. The first generation of the original American pony was a smash hit and made the hearts of enthusiasts everywhere skip a beat. For this reason, you ...

View more: Keystone Collection Shows Off Pristine Ford Mustangs

The Ultimate Ford GT With No Restraints On Development As It Is Only For The Track

Tesla, Ford Dealers, and Charging: Top EV News Dec 9, 2022

Top 5 Affordable Used Cars To Buy In The UAE

Summarized In Under Five: 2023 Ford Super Duty (Video)

New 2023 Ford GT Mk IV is the ultimate track-only GT model

The Final Ford GT Isn’t Road Legal but Has over 800 HP

The Ford GT MkIV Is an 800-HP Track-Only Monster

This incredible $1.7m Ford GT is the final limited edition track special

Tander makes Ford Supercars switch after Triple Eight departure

New 2023 Ford Mustang: powertrain, technology and specs

Ford reveals wild GT Mk IV track car packing over 800 hp

2023 Ford GT Mk IV Unleashed With Bigger Engine Making 800+ HP

OTHER CAR NEWS

;
Breaking thailand news, thai news, thailand news Verified News Story Network