A battery production company established by Ford of the U.S. and SK Innovation of South Korea will build the largest battery production plant ever in the U.S.
SK Innovation and Ford announced the locations of the battery production sites of BlueOvalSK, the joint venture of two companies at Tennessee and Kentucky and their large-scale investment plan on Sept. 27.
SK Innovation and Ford attended two announcement events on Sept. 28 in Stanton, Tennessee and Glendale, Kentucky, where BlueOvalSK will be located.
Ford and SK Innovation plan to invest a total of $11.4 billion in constructing battery plants and EV assembly plants in the two areas. This is the largest investment announcement by Ford in its 118 years of history, and the largest investment for battery plants in the U.S. so far.
Right after the Board of Directors’ meeting on Sept. 27, SK Innovation revealed its plan to invest up to $6.4 billion in the BlueOvalSK battery plant by 2027 in the form of providing the capital to its US battery corporation SK Battery America (SKBA).
SK Innovation announced that it would invest $4.45 billion in the construction these BlueOvalSK’s plants. This amount is equivalent to its 50% stake in the joint venture. The decision was made after a meeting held by the company’s Board of Directors on September 27th (KST).