Ford Motors and South Korea’s SK Innovations have finalized a deal to produce about 60GWh traction battery cells and array modules, through their joint venture (JV) BlueOval SK.
The capacity will be enough to power 600,000 electric pickup trucks with the potential for expansion. Production is slated to begin in 2025 according to a May 20 statement from SK.
SK Innovations plans to invest KRW6tn ($889.85bn) in BlueOvalSK, bringing the company’s total investment in the US to KRW9tn and the total number of EV plants in North America to three. The company is targeting a 190GWh output by 2025, from all its US facilities including the new JV.
Neither Ford nor SK disclosed the JV’s location, however, this is the second partnership between the two companies. The latter is also set to manufacture Nickel-9 batteries with 90pc nickel content for Ford’s F-150 Lightning range.
In late April, Ford also announced that it was setting up the Ion Park Research Center in Michigan, USA to propel its EV and lithium-ion battery-making capabilities. The company’s global battery electric vehicle (BEV) plan will require nearly 240GWh in cell capacity by 2030. Ford will need 140GWh in North America and the remaining at its facilities in other key regions.
($1=KRW1,123.78)