Overview
- SK On announced an agreement with Ford to pursue separate ownership and operation of their U.S. battery plants, dissolving the BlueOval SK joint venture formed in 2022.
- A Ford subsidiary will take full ownership of the two battery plants in Kentucky, while SK On will own and operate the Tennessee plant.
- The parties expect to finalize the ownership transfer in the first quarter of 2026.
- SK On says it will continue a strategic partnership with Ford and plans to supply EV batteries and energy storage systems from the Tennessee facility to Ford and other customers.
- Following the change, SK On’s only U.S. battery joint venture will be its partnership with Hyundai Motor Group in Georgia.