Hyperdrive
Ford to Build Two U.S. Battery Plants With Korea’s SK Innovation
- Factories’ location, unionization status still undetermined
- Automaker sees need by 2030 for 10 new battery-making plants
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Ford Motor Co. and South Korea’s SK Innovation Co. reached an agreement to jointly build electric-vehicle batteries at two factories in the U.S., to prepare for an expected acceleration in demand for plug-in cars.
The two companies announced Thursday a memorandum of understanding to pursue a joint venture to manufacture power sources critical to the emerging EV market. SK already supplies batteries for Ford’s new electric F-150 Lightning pickup, which Ford unveiled Wednesday in an effort to capitalize on the F-Series’s 40-year run as the best-selling vehicle in America.