Ford plans to form a joint venture with South Korean battery maker SK Innovation that will eventually manufacture battery cells for electric vehicles in the U.S.
Ford Motor plans to form a joint venture with South Korean battery maker SK Innovation that will eventually manufacture battery cells for electric vehicles in the U.S., the companies announced Thursday.
“As the industry changes, we have to insource now,” Ford CEO Jim Farley told reporters Wednesday night during the unveiling of the automaker’s new electric F-150 Lightning pickup.
The companies said they have signed a memorandum of understanding for a joint venture that will be called BlueOvalSK. Production of the battery cells as well as supporting modules is expected to start by mid-decade, they added.
The announcement comes amid an expected surge in electric vehicle sales as well as an initiative by the Biden administration to increase domestic production of critical technologies for EVs such as battery cells, which power the vehicles.
