SEOUL, Dec 11 (Reuters) – South Korean battery maker SK On said on Thursday that it has decided to end its joint venture with Ford Motor for their joint battery factories in the United States. SK On is a subsidiary of SK Innovation. SK Innovation said under this agreement, each company will independently own and […]
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South Korea’s SK On, Ford Motor to end US battery joint venture
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SEOUL, Dec 11 (Reuters) – South Korean battery maker SK On said on Thursday that it has decided to end its joint venture with Ford Motor for their joint battery factories in the United States.
SK On is a subsidiary of SK Innovation.
SK Innovation said under this agreement, each company will independently own and operate the joint venture’s production facilities.
A Ford subsidiary will take full ownership of the battery plants in Kentucky, while SK On will assume full ownership and operate the battery plant in Tennessee.
In 2022, SK On and Ford invested $11.4 billion to build the joint battery plants in the United States.
(Reporting by Joyce LeeEditing by Ed Davies)