The venture is to be called BlueOvalSK and will start mid-decade, with a potential for expansion. It will build on Ford’s recently announced investments to speed up the research and development of battery manufacturing and technology. This includes an additional solid-state battery startup investment and a new global battery centre.
Ford expects the yearly demand for energy for its vehicles to be up to 140 GWh in North America and up to 240 GWh all over the globe by 2030. It has invested in and is working with various battery suppliers for securing capacity and scaling delivery for next-generation Ford and Lincoln battery electric vehicles.
Headquartered in Seoul, South Korea, SK Innovation is a global energy conglomerate that has introduced the development of mid to large size electric vehicle batteries since 1991. It already serves two global OEMs with its battery plant in Commerce, Georgia, USA. The company is expanding its manufacturing capacity in China and the European Union. SK Innovations aims to become among the top three electric vehicle battery suppliers in the world by 2025 with a global production capacity of over 125 GWh.
The joint venture’s creation is subject to other conditions, regulatory approvals, and definitive agreements.
Source - Ford Media Center
Also Read:
https://www.automotiveproductsfinder.com/news/hyundai-to-invest--7-4-bn-in-electric-vehicles-in-us-by-2025/134515
https://www.automotiveproductsfinder.com/news/scope-of-growth-of-electric-vehicles-market-in-india/134503
https://www.automotiveproductsfinder.com/technical-articles/lexus-crosses-global-sales-milestone-of-two-million-evs/134538