2021-06-18

4You Dialy

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The Ford and SK Innovation joint venture will focus on the production of batteries in the USA

2 min read

This month, Korean manufacturers of lithium batteries, LG Energy Solution and SK Innovation, managed to finally sign the settlement agreement, eliminating patent claims of the first to the second companies. Now, as sources report, SK Innovation is ready to create a joint venture with Ford Motor, which will provide electric vehicles with traction batteries.

Image source: Ford Motor, Electrek

For the first time, the Reuters Agency reported this, referring to the upcoming official statement of the participants of the transaction, which should be done today. SK Innovation has already invested in the construction of an enterprise in Georgia about $ 2.6 billion, it should start issuing products this year, and until 2023, another such enterprise will be built nearby. SK Innovation has production facilities in South Korea, USA, Hungary and China, they already allow annually to produce batteries with a total capacity of 40 GW. By the middle of the decade, the Korean manufacturer intends to increase the volume of batteries in three more times, which will be enough for the annual equipment of 1.8 million electric vehicles.

In the US competing LG Energy Solution, a joint venture has also created a joint venture with General Motors, so SK Innovation intends to enlist the support for Ford Motor, which will use Korean traction batteries in their electric vehicles, including the Pickup F-150 Lightning. Volkswagen will also receive batteries from SK Innovation, the creation of a joint venture with Ford Motor does not affect its interests. By the end of the year, Ford will present the electric version of the transit van, the production of the F-150 Lightning Pickup will begin in the middle of the next year, and the Mustang Mach-E crossover is already sold. By 2025, the American automaker intends to spend an electrification of a model range of $ 22 billion. The Ford Motor Guide recently stated that for success in the electric vehicle market, it considers it necessary to strengthen vertical integration. Access to the production of batteries in this ideology fits perfectly.

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