Ford and SK On are ending their U.S. battery joint venture

Four years ago, Ford and South Korean artillery shaper SK On struck a woody to signifier a associated task and spend $11.4 billion to physique factories successful Tennessee and Kentucky that would nutrient batteries for the adjacent procreation of electrical F-Series trucks.

The factories unrecorded on; the associated task volition not.

SK On, a subsidiary of SK Innovation, said Thursday it reached an statement with Ford to extremity the associated venture. The 2 companies volition disagreement the assets: Ford volition instrumentality ownership and cognition of the duplicate artillery plants successful Kentucky, portion SK On volition run the mill astatine the monolithic BlueOval SK field successful Tennessee.

SK On said it volition support a strategical concern with Ford centered connected the Tennessee plant, according to Bloomberg.

When reached for comment, a Ford spokesperson told TechCrunch the institution was alert of SK’s disclosure and had thing further to stock astatine this time.

The associated task was created erstwhile the manufacture was investing billions of dollars to ramp up electrical conveyance production. While EV income person risen implicit the past respective years, request has not kept up with the industry’s lofty projections. The extremity of the national EV taxation recognition has besides dampened the gait of sales.