Ford and SK On to end battery joint venture. What it means in Tennessee [Yahoo! Finance]
Ford Motor Company (F)
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Source: Yahoo! Finance
Under the agreement, a Ford subsidiary will take full ownership of the battery plants in Kentucky, while SK On will have full ownership and operate the battery plant in Tennessee, according to a statement from SK On. The Tennessee plant is part of Ford's BlueOval City in Stanton "This agreement allows SK On to strategically realign assets and production capacity to improve its operational efficiency. It also enables the company to enhance productivity, operational flexibility, and respond more effectively to evolving market dynamics and diverse customer needs," the statement read. "Taking ownership and control of the Tennessee plant will also further strengthen SK On's battery innovation and manufacturing leadership. SK On also plans to focus on profitable and sustainable growth in the U.S. by supplying electric vehicle batteries to Ford and various customers, as well as energy storage systems, from its Tennessee plant." The agreement is subject to customary regulatory approval
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News
- Can Ford Motor Company (NYSE:F) Maintain Its Strong Returns? [Yahoo! Finance]Yahoo! Finance
- Ford, SK On dissolving BlueOval SK battery joint venture [Yahoo! Finance]Yahoo! Finance
- Hagens Berman: Ford Dealers File Class Action Alleging Major Warranty Reimbursement ShortfallsBusiness Wire
- Nissan plans big comeback with US manufacturing leading the charge [USA TODAY]USA TODAY
- Ford turns to stepped-up tech, cooperation with police to thwart F-150 pickup thieves [CBS News]CBS News
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