Battery maker SK Innovation, Ford set to announce joint venture: Report

0
1



The Ford Motor Co. and South Korean battery maker SK Innovation reportedly will announce Thursday a joint venture to boost the automaker’s electric-vehicle production as President Biden pushes his green agenda and South Korean President Moon Jae-in tours Washington.

SK Innovation, which recently cleared a legal dispute with LG Energy to keep plans for a Georgia factory on track, would provide battery cells for use in Ford’s electric vehicles, according to Reuters, which first reported the emerging venture.

The move comes days after Mr. Biden championed his $174 billion electric-car push at a Ford plant in Michigan.

SK Innovation has invested heavily in Georgia and plans to finish its battery plant later this year, with another one on the way by 2023.

Other South Korean companies, including Samsung, LG Energy and Hyundai, are expected to use Mr. Moon’s trip to announce new investments in the U.S. and foster bilateral ties, according to the Yonhap News Agency.

Mr. Biden is pushing to bolster domestic manufacturing without China’s help. South Korean companies can help the U.S. achieve its ambitions by delivering much-needed semiconductors and batteries, which are part of core Asian industries.

Mr. Moon, meanwhile, is expected to push for U.S. help in spurring South Korean production of COVID-19 vaccines.

Sign up for Daily Newsletters





View original
Post

LEAVE A REPLY

Please enter your comment!
Please enter your name here