In this article
South Korean battery maker SK On said on Thursday that it has decided to end its joint venture with Ford Motor
for their joint battery factories in the U.S. as part of a business overhaul to focus on growth areas like energy storage systems.
The split marks a reset for one of the major U.S. electric vehicle battery partnerships, coming as slowing EV demand and the loss of U.S. subsidies push South Korean battery makers to reshape their U.S. strategies and accelerate expansion into the energy storage systems business.
SK On, a subsidiary of SK Innovation, which supplies automakers including Hyundai Motor and Kia Corp, said a Ford subsidiary will take full ownership of the battery plants in Kentucky, while SK On will assume full ownership and operate the Tennessee plant.
