Ford and SK Innovation to dissolve joint venture and divide its assets

JD Hancock via flickr

As per the companies' announcements, SK Innovation, which focuses on automotive battery manufacturing, is set to acquire a facility in Tennessee, whereas Ford is to obtain facilities in Kentucky.

The firms anticipate that the separation of the joint venture, set to be finished in the first quarter of 2026, will improve their operational adaptability. Ford and SK Innovation plan to maintain their strategic partnership.

In 2022, Ford and SK Innovation invested about $11.4 billion in building battery plants.

source: bloomberg.com

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Ford and SK Innovation to dissolve joint venture and divide its assets

Ford Motor Co., the American automaker, and SK Innovation Co., the South Korean energy firm, have decided to end their partnership on electric vehicle battery production and split its assets.