Ford Finalizes U.S. EV Battery Joint Venture

July 18, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Ford Motor Company (NYSE:F) (Dearborn, Michigan) has finalized its 50:50 joint venture with SK Innovation Company Limited (Seoul, South Korea) that will build and operate an electric vehicle (EV) battery plant in Tennessee and two more in Kentucky, Ford said in a regulatory filing. The new company, BlueOvalSK, LLC, will supply EV batteries to Ford and its affiliates. According to the filing document with the U.S. Securities and Exchange Commission (SEC), Ford will contribute up to $6.6 billion in capital spending to the joint venture over five years ending in 2026--subject to any agreed-upon adjustments.