Ford Motor Co. and South Korean battery manufacturer SK On Co. this week officially established a joint venture to operate U.S. electric-vehicle battery plants together, a move announced last year.
For, SK On and an SK On subsidiary called SK Battery America, Inc. on Wednesday closed on the formation of BlueOvalSK, LLC, a JV that will build and operate one EV battery plant in Tennessee and two in Kentucky, according to a regulatory filing. The JV will supply EV batteries to Ford "and its affiliates."
Ford and SK Battery America hold equal ownership stakes in the JV, which will be a consolidated subsidiary of SK On.
