Ford enters joint venture with SK Innovation to manufacture batteries
By Jim Gibbins - 1st June 2021
USA / South Korea - Ford Motor Company of Detroit, Michigan, USA and SK Innovation Inc, of Seoul, South Korea, part of SK Energy, have signed a Memorandum of Understanding (MoU) to create a joint venture company – to be called BlueOvalSK – to manufacture battery cells in the USA.
Through BlueOvalSK, the two companies plan to produce approximately 60 gigawatt hours (GWh) of batteries annually with potential to expand, starting in the middle of this decade. Jim Farley, Ford president and CEO, said: "This MoU is just the start; it’s a key part of our plan to vertically integrate key capabilities that will differentiate Ford far into the future.”
