4 years in the past, Ford and South Korean battery maker SK On struck a deal to kind a three way partnership and spend $11.4 billion to construct factories in Tennessee and Kentucky that may produce batteries for the subsequent era of electrical F-Sequence vehicles.
The factories dwell on; the three way partnership will not.
SK On, a subsidiary of SK Innovation, mentioned Thursday it reached an settlement with Ford to finish the three way partnership. The 2 corporations will divide the property: Ford will take possession and operation of the twin battery crops in Kentucky, whereas SK On will function the manufacturing facility at the large BlueOval SK campus in Tennessee.
SK On mentioned it’ll keep a strategic partnership with Ford centered on the Tennessee plant, according to Bloomberg.
When reached for remark, a Ford spokesperson advised TechCrunch the firm was conscious of SK’s disclosure and had nothing additional to share presently.
The three way partnership was created when the trade was investing billions of {dollars} to ramp up electrical car manufacturing. Whereas EV gross sales have risen over the previous a number of years, demand has not saved up with the trade’s lofty projections. The top of the federal EV tax credit score has additionally dampened the tempo of gross sales.
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