SK Innovation, Ford to Expand Investment in EV Battery Plants

  • By Yoon Hyung-jun

    September 29, 2021 10:47

    SK Innovation will join hands with U.S. auto giant Ford to spend more than US$10 billion on new U.S. plants to produce electric-vehicle batteries.

    "The two companies will invest US$4.45 billion each through BlueOvalSK, a joint venture, to build three EV battery plants in the U.S. by 2027 -- the two in Kentucky and the one in neighboring Tennessee," an SK Innovation spokesman said on Tuesday.

    They will have a combined annual capacity of 129 GWh of batteries, enough to power 2.15 million EVs per year.

    In May this year, SK Innovation and Ford decided to spend W6 trillion, but now they have agreed to nearly double the investment after U.S. President Joe Biden announced in August a plan to make half of all new vehicles sold in the U.S. eco-friendly by 2030 (US$1=W1,186).

    SK Innovation will be able to produce 150.5 GWh of batteries per year in the U.S. alone, including those at its two existing plants in the state of Georgia, making it the biggest EV battery maker in the U.S. in terms of production capacity, surpassing LG Energy Solution (145 GWh).

    "This is our moment -- our biggest investment ever -- to help build a better future for America," Ford CEO Jim Farley said. "We are moving now to deliver breakthrough electric vehicles for the many rather than the few."

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