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Ford Motor Co and South Korean battery maker SK On Co along with its subsidiary on Thursday finalized setting up a joint venture for building and operating battery production facilities in the United States.
Both the companies had signed a memorandum of understanding for the JV in May last year. BlueOval SK is expected to produce about 60 gigawatt hours of power annually that could be raised further.
Several battery makers have announced plans to invest in the United States, as part of an industry trend to meet the expected growth for EVs and reduce reliance on production in China and cut the related supply chain risks.
South Korean battery makers have announced investment plans of $5.5 billion this year in U.S. plants.
Ford will contribute up to $6.6 billion in capital to BlueOval SK over a five-year period ending in 2026, the automaker said.
(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)