Ford and South Korean battery maker SK On have decided to end their joint venture aimed at revolutionizing electric vehicle battery production in the US. Originally, the companies planned to build factories in Tennessee and Kentucky to supply batteries for the next generation of electric F-Series trucks. However, they have now agreed to split the assets, with Ford taking over the twin battery plants in Kentucky and SK On operating the factory at the BlueOval SK campus in Tennessee.
This move comes at a time when the electric vehicle industry is facing challenges, with EV sales not meeting initial projections and the discontinuation of the federal EV tax credit impacting demand. The termination of the joint venture signifies a shift in strategies for both companies, potentially influencing the future landscape of electric vehicle battery production in the US.
Source: TechCrunch
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