Ford and SK Innovation announced back in May of last year that they would be launching a joint venture program called BlueOvalSK. Working together, these two companies aim to produce 140 gigawatt-hours of electric car batteries by 2030 in North America and hope to complete 240 gigawatt-hours of batteries globally. The venture is now finalized after more than a year after it was first announced.
SK On CEO David Hahm stated, “SK on has the top technology in the battery field, such as high-nickel batteries, and Ford is America’s favorite car company. With the strong partnership between these two companies, we will secure unparalleled competitiveness in the global EV market.”
While the original plan was to increase battery production in the U.S, the new joint venture will expand into Europe soon. SK Innovation wasted no time and now has plans to build an EV battery production center in China, where several natural resources for the batteries sit in abundance.
Ford has also invested millions in the BlueOval City facility and BlueOvalSK Battery. Both companies own an equal stake in their joint venture and will each have three board members. Headquarters for the operation will be in Georgia until BlueOval City construction is complete.
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