SK-Ford Joint Venture to Make EV Batteries

SK Innovation might join hands with Ford found in a W6 trillion JV to make electric-car batteries (US$1=W1,132).

SK on Thursday said it signed a good memorandum of understanding with the U.S. carmaker to build an electric-car battery plant in the U.S. with an annual capacity of around 60 GWh well worth of battery cells.

SK and Ford might get halves and the jv will come to be named Blue Oval SK.

SK earlier pledged to invest US$5 billion found in the creation of electric-car batteries in the U.S., incorporating its two vegetation in Georgia, by 2025.

The new company is SK's first JV in the U.S.

SK Innovation's fresh plant for electric car or truck batteries is under engineering in Commerce, Georgia.

The announcement came just two times after U.S. President Joe Biden visited Ford's Rouge Electric Vehicle Centre in Dearborn, Michigan, where he indulged in some anti-China rhetoric. "They believe they are going to win," Biden said. "But I got news for them, they will not win this competition. We can not let them."

The F-150 electric pickup truck Biden was pictured riding was fitted with SK Innovation batteries.

SK chairman Chey Tae-won, who's portion of President Moon Jae-in's entourage during his ongoing U.S. trip, will go to the SK plant under construction in Georgia with Moon this weekend.

Korean conglomerates are dropping above themselves to heed Biden's call to purchase semiconductor and different tech areas on the U.S. because he's continuing his predecessor Donald Trump's "America First" economical policy, now rebranded "Manufactured in America."

Samsung, which includes already made a decision to invest $17 billion in a good semiconductor factory found in the U.S., is normally expected to disclose a straight bigger investment plan. Previously, Hyundai said it'll invest $7.4 billion in electric and self-driving cars in the U.S. by 2025, and LG Energy Remedy, which formed a electric battery jv with GM in 2019, recently announced a plan to launch another jv with the carmaker.