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| ▲ David Hahm, new CEO of BlueOval SK, the EV battery joint venture between SK On Co. and Ford Motor Co., is shown in this photo provided by SK On on July 14, 2022. (PHOTO NOT FOR SALE) (Yonhap) |
SK On-Ford JV launch
SK On-Ford EV battery joint venture sets sail
SEOUL, July 14 (Yonhap) -- SK On Co.'s electric vehicle (EV) battery joint venture with Ford Motor Co. in the United States has formally set sail, the South Korean battery maker said Thursday, paving the way for SK's new battery unit to accelerate its overseas push amid burgeoning EV demand.
The official launch of BlueOval SK on Wednesday (U.S. time) came about 10 months after SK and Ford announced the 50:50 joint venture agreement to build three EV battery production plants in the U.S. by 2025.
SK and Ford have agreed to invest a combined 10.2 trillion won (US$7.77 billion) to build one plant in Tennessee and two others in Kentucky. Once the construction is completed, the three factories will tout an annual production capacity of a combined 127 gigawatt hours (GWh), SK On said.
The announcement came around the same time when SK Innovation Co., SK's refinery unit, said it decided to hive off its battery division under the name of SK On.
BlueOval SK will temporarily be headquartered in Georgia, where SK On currently operates its U.S. production facility, before being relocated to the BlueOval City complex being built by Ford in Stanton, Tennessee, SK On said.
David Hahm, a vice president at SK Innovation, will serve as BlueOval SK's chief executive officer, and Jiem Cranney, chief operating officer of Ford Business Solutions, will take over as chief financial officer. The two companies will switch the positions after three years.
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