South Korean car battery manufacturer SK Innovation (SKI), in partnership with car manufacturer Ford
Expand its production capabilities in the United States. The two companies reportedly signed an agreement Thursday (local time) in the United States to establish a multi-billion dollar joint venture to manufacture battery cells and related equipment. The name of this joint venture will be Blue Oval and will be provided to American automakers from 2025 onwards. In addition to Ford, there is also Volkswagen
According to SKI, 6 trillion winning (approximately சுமார் 4.4 billion) investments are planned in the new joint venture. Last year, SKI completed its first battery factory in Georgia, with a second factory under construction there.
“SK Innovation has been a key partner in helping to provide the best range and best value batteries for all our electric vehicles since the middle of the decade,” said Lisa Drake, Ford Managing Director, North America. The annual capacity of the Blue Oval SK is expected to be 60 gigawatt hours. It could run about 600,000 e-pick-ups.
The announcement of the joint venture ended a two-year lawsuit last month over an agreement between SKI and its domestic rival LG Energy Solution. LG Chem, the parent company of LG Energy Solution, has been sued by SKI in the United States for allegedly stealing trade secrets. The deal was welcomed by Volkswagen and US President Joe Biden. LG is currently developing in conjunction with General Motors
ISIN US3453708600 US37045V1008 DE0007664039
AXC0050 2021-05-21 / 07: 58
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