SEOUL, South Korea: South Korea's SK On said it will unwind its battery partnership with Ford Motor, bringing an early end to a high-profile joint venture intended to support U.S. electric vehicle production.
SK On, a subsidiary of SK Innovation, said both companies agreed that each would independently own and operate the venture's production facilities in the future.
Under the revised structure, a Ford subsidiary will take full ownership of the battery factories in Kentucky, while SK On will assume complete control of the plant in Tennessee.
The companies had jointly committed US$11.4 billion in 2022 to build the U.S. battery plants, which were expected to bolster domestic EV supply chains.
SK Innovation confirmed the terms of the separation in its statement.
