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Four years ago, Ford and South Korean battery maker SK On struck a deal to form a joint venture and spend $11.4 billion to build factories in Tennessee and Kentucky that would produce batteries for the next generation of electric F-Series trucks.
The factories live on; the joint venture will not.
SK On, a subsidiary of SK Innovation, said Thursday it reached an agreement with Ford to end the joint venture. The two companies will divide the assets: Ford will take ownership and operation of the twin battery plants in Kentucky, while SK On will operate the factory at the massive BlueOval SK campus in Tennessee.
SK On said it will maintain a strategic partnership with Ford centered on the Tennessee plant, according to Bloomberg.
When reached for comment, a Ford spokesperson told TechCrunch the company was aware of SK’s disclosure and had nothing further to share at this time.
The joint venture was created when the industry was investing billions of dollars to ramp up electric vehicle production. While EV sales have risen over the past several years, demand has not kept up with the industry’s lofty projections. The end of the federal EV tax credit has also dampened the pace of sales.
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