Companies behind BlueOval SK end joint venture to make EV batteries in KY [Yahoo! Finance]
Ford Motor Company (F)
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Source: Yahoo! Finance
SK On and Ford said Dec. 11 the businesses will break apart their agreement to collaborate and will instead run their BlueOval SK battery plants separately starting sometime in the first three months of 2026 once the split is final. Ford will take ownership of the Kentucky plant in Glendale, and SK On is set to assume control of a facility in Tennessee, according to the agreement. The joint venture began in 2022 with an initial investment across U.S. facilities of more than $11 billion and a promise to employ more than 10,000 people. The split comes as electric vehicle demand slows and federal tax credits for their purchase sunset During this year's third quarter, SK On reported an operating loss of nearly $85 million, nearly double the losses reported during the preceding quarter due in part to a decreasing number of battery shipments. Ford CEO Jim Farley has warned since tax credits ended Sept. 30 that the sale of electric vehicles will soon drop significantly as they take
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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
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- Nissan plans big comeback with US manufacturing leading the charge [USA TODAY]USA TODAY
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