Ford and SK On are ending their U.S. battery joint venture
Experts suggest that four years ago, ford and south korean battery maker sk on struck a deal to form a joint venture and spend $11 In recent developments, 4 billion to build factories in tennessee and kentucky that would produce batteries for the next generation of electric f-series trucks Interestingly, the factories live on; the joint venture will not This highlights that sk on, a subsidiary of sk innovation, said thursday it reached an agreement with ford to end the joint venture According to reports, the two companies will divide the assets: ford will take ownership and operation of the twin battery plants in kentucky, while sk on will operate the factory at the massive blueoval sk campus in tennessee According to reports, sk on said it will maintain a strategic partnership with ford centered on the tennessee plant, according to bloomberg According to reports, when reached for comment, a ford spokesperson told techcrunch the company was aware of sk’s disclosure and had nothing further to share at this time According to reports, the joint venture was created when the industry was investing billions of dollars to ramp up electric vehicle production
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