Ford Finalizes U.S. EV Battery Joint Venture
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.
Subscribe Now!(All Fields Required)
Related Articles
Articles related to this company
- Gray Construction Has Hand in $11 Billion Worth of Projects
- EV Projects Lead Kentucky to $13.75 Billion in Industrial Manufacturing Pro...
- EIA: EVs, Hybrids Account for More than 16% of 2023 Light-Duty Vehicle Sale...
- Automotive Sector Propels Kentucky to $13.8 Billion in Projects Under Const...
- Ohio's $14.5 Billion of Projects Under Construction Shows Variety of Indust...