"Four years ago, Ford and South Korean battery maker SK On struck a deal to form a joint venture and spend $11.4 billion to build factories in Tennessee and Kentucky that would produce batteries for the next generation of electric F-Series trucks. The factories live on; the joint venture will not. SK On, a subsidiary of SK Innovation, said Thursday it reached an agreement with Ford to end the joint venture."
"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. SK On said it will maintain a strategic partnership with Ford centered on the Tennessee plant, according to Bloomberg. 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."
Four years ago Ford and SK On agreed to form a joint venture and invest $11.4 billion to build battery factories in Tennessee and Kentucky for electric F-Series trucks. The joint venture will be dissolved and assets will be divided: Ford will own and operate the twin Kentucky battery plants, while SK On will run the factory at the BlueOval SK campus in Tennessee. SK On will retain a strategic partnership with Ford focused on the Tennessee plant. Ford acknowledged SK On's disclosure and provided no further comment. EV demand and policy changes have slowed the market that prompted the original investment.
Read at TechCrunch
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