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| ▲ SK Innovation Co.'s battery factory under construction in the U.S. state of Georgia is seen in this file photo provided by the company on May 20, 2021. (PHOTO NOT FOR SALE) (Yonhap) |
SK Innovation-Ford-JV
SK Innovation to invest 5.1 tln won to build U.S. battery plants with Ford
By Kim Eun-jung
SEOUL, Sept. 28 (Yonhap) -- South Korean battery maker SK Innovation Co. said Tuesday it will invest 5.1 trillion won (US$4.45 billion) to build battery plants in the United States with American automaker Ford Co. to spur its electric vehicle transition.
SK Innovation said its board of directors approved the investment plan four months after the two companies signed a memorandum of understanding to establish a joint venture called BlueOvalSK to build battery cell factories in the U.S.
SK Innovation, a refinery-and-battery unit under South Korea's No. 3 conglomerate, SK Group, has been building a $2.6 billion battery factory in Georgia, which will start supplying batteries for Ford's F-150 EVs next year.
SK Innovation earlier said it aims to expand its global battery production capacity to 85 GWh in 2023 and over 125 GWh by 2025, and the joint venture will further ramp up the capacity.
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