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SK and Ford to announce EV battery JV | Automotive Business Information
South Korean power conglomerate SK Innovation Firm has signed a preliminary settlement with Ford to collectively manufacture electrical automobile (EV) batteries, in accordance with native reviews citing sources near the businesses.
The South Korean reviews recommended the 2 corporations have been set to announce a memorandum of understanding (MoU) [today, according to US media reports – ed] detailing plans to collectively put money into a producing plant within the US which might assist safe a steady provide of lithium-ion batteries for the US automaker’s future EVs.
SK Innovation already has a US$2.6bn lithium-ion battery plant beneath development in Georgia which has been designated to produce batteries for Ford’s F-150 EV truck and different automobiles.
The South Korean firm final month agreed to pay US$1.8bn in compensation to its bigger home rival, LG Vitality Answer, to settle a two 12 months lengthy infringement lawsuit which had overshadowed its EV battery enterprise within the US.
LG Vitality has an analogous partnership with Basic Motors with the pair collectively constructing two EV battery crops in Ohio and Tennessee.