Ford and South Korea based SK Innovation announced May 26 they have signed a memorandum of understanding (MOU) to create a joint venture – to be called BlueOvalSK – to produce about 60 GWh annually in traction battery cells and array modules, starting mid-decade, with potential to expand.
“Through the JV, Ford and SKI will jointly develop and industrialize battery cells at scale that are tailored to deliver optimum performance and value for our Ford and Lincoln customers,” said Lisa Drake, Ford’s North America chief operating officer. “SKI is an important partner in helping deliver batteries with better range and value for our fully electric vehicles by mid-decade.”
Ford’s global BEV plan calls for at least 240 gigawatt hours (GWh) of battery cell capacity by 2030 – about 10 plants’ worth of capacity. About 140 GWh will be required in North America, with the balance dedicated to other key regions, including Europe and China.
“Global automakers have praised SK Innovations’ EV batteries for their safety, high capacity and long life,” said Jee Dong-seob, Head of SK Innovation’s Battery Business. “SK Innovation will be supplying batteries for the fully electric version of Ford’s legendary and best-selling F-150 pickup truck. We are thrilled to be supporting the electrification of a vehicle that represents the very best of American automaking.”