SK Innovation’s Ford Battery Breakup Cost $2.6 Billion

SK Innovation Co. said the termination of a battery joint venture with Ford Motor Co. in the US resulted in a 3.7 trillion won ($2.6 billion) asset loss, as the cost of a pullback in global electric vehicle ambitions ripples through the supply chain.

The companies said last month they’re ending their BlueOval project, just four years after unveiling the $11 billion initiative to build three battery factories and an assembly plant for electric pickup trucks in the US.