Ford, SK Innovation Enter Joint Venture To Build Two Electric Vehicle Battery Factories

Ford Motor Company (NYSE: F) and South Korean battery maker SK Innovation (KRX: 096770) announced Thursday a joint venture to build two electric vehicle battery factories in North America. The announcement comes on the heels of the unveiling of Ford’s all-electric pickup F-150 Lightning.

The venture, called BlueOvalSK, aims to make batteries for approximately 600,000 electric vehicles annually. This move is also seen as Ford’s step towards vertically integrating its electric vehicle supply chain.

SK Innovation has a standing contract with Ford to make batteries for the F-150 Lightning. Prior to this venture, the Korean battery maker had a battery factory in Georgia.

The United Auto Workers has aired its concerns that that joint venture might opt out of paying union wages, a growing labor concern as auto companies shift to electric vehicles.

The union’s vice president, Gerald Kariem, said in a statement that “Ford has a moral obligation…to ensure that the battery jobs that replace [the] gas engine and transmission jobs are the same good-paying union jobs that have fueled this American economy for generations.”

Ford North America COO Lisa Drake relayed that the venture is still finalizing its agreements and it doesn’t, “have [its] labor strategy defined yet.”

The company said that the joint venture’s two plants would produce the equivalent of 60 gigawatt-hours of electricity per year.

Ford Motor Company last traded at US$12.49 at the NYSE.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Hyundai Commits US$7.4 Billion Investment To Manufacture Electric Cars In The US

Hyundai Motor Company (KRX: 005380) announced Thursday its plans to invest US$7.4 billion in the...

Friday, May 14, 2021, 11:34:00 AM

Fairytales: In 2020 The Stock Market’s Divorce From Reality Became Formal

Feature image adapted from art by Flickr user bedgemont_dm. “2020” because it was the year...

Sunday, January 3, 2021, 09:00:00 AM

GM and Samsung SDI Partner for $3 Billion EV Battery Plant in Indiana

General Motors (NYSE: GM) and Samsung SDI have announced plans to construct a new EV...

Wednesday, June 14, 2023, 06:21:00 AM

Joe Biden to Tighten Car Pollution Rules in Effort to Boost EV Adoption

The Biden administration is planning to propose the toughest-ever pollution rules for cars in the...

Friday, April 7, 2023, 09:00:00 AM

Has EV Production Peaked?

Electric vehicle (EV) sales growth in the United States has hit a roadblock as automakers...

Monday, November 6, 2023, 04:19:00 PM