Ford, SK On dissolving BlueOval SK battery joint venture

Core Insights - SK On and Ford Motor Co. have mutually agreed to dissolve their electric vehicle battery joint venture, BlueOval SK, which was established in September 2021 for a planned investment of $11.4 billion to build three manufacturing plants [7] - SK On will independently operate the battery manufacturing facility in Tennessee, while Ford will take full ownership of the two plants in Kentucky [7] Group 1: Strategic Focus - SK On aims to focus on "profitable and sustainable growth" in the U.S. by supplying batteries from the Tennessee plant to various customers, including stationary energy storage systems [4] - The company is committed to making the Tennessee plant a key part of its advanced battery manufacturing base in the U.S. [3] Group 2: Financial Commitments - The $11.4 billion investment in BlueOval SK was noted as the largest manufacturing commitment in Ford's history [5] - In December 2024, the Department of Energy announced a $9.6 billion direct loan to BlueOval SK, marking the largest loan granted by the DOE's Advanced Technology Vehicles Manufacturing Loan Program [6]