Ford, SK On finalize joint venture for EV battery manufacturing in US

Ford Motor Co (NYSE: F) on Thursday said the carmaker and South Korean battery maker SK On Co set up a joint venture for building and operating battery production facilities in the US for electric vehicles.

The venture — BlueOval SK LLC — will establish a battery plant in Tennessee and two other facilities in Kentucky, the US automaker said in a regulatory filing.

Both the companies had signed a memorandum of understanding (MoU) for the joint venture in May last year. BlueOval SK is expected to produce about 60-gigawatt hours of power annually that could be raised further.

In May, the US government announced it will allocate $3.1 billion in infrastructure funding to finance EV battery manufacturing.