SK On-Ford's joint venture BlueOval SK officially established

15 July 2022, 06:04:54

SK On-Ford's joint venture BlueOval SK officially establishedBlueOval SK, a joint venture between SK On and global automaker Ford Motor Company for manufacturing electric vehicle (EV) batteries, is poised to move to its next phase. The two companies secured a key bridgehead to preoccupy the electric vehicle market by smoothly completing the establishment of a joint venture. According to SK On, both companies have recently completed internal and external reviews as they prepare to launch a joint venture. BlueOval SK is officially established as of July 13 (US local time). The two companies will hold equal ownership in the new venture and the JV will be a consolidated subsidiary of SK On. The board of directors consists of six members, three from each company.

The JV's headquarters are located in Georgia, where SK On's U.S. production facilities are located for the time being and will move to BlueOval City in the future. BlueOval City, which Ford is building in Stanton, Tennessee, will house BlueOval SK’s battery plant, Ford’s electric vehicle assembly plant, and parts and materials complex. In the fall of last year, the two companies announced that they would invest a total of 10.2 trillion won, 5.1 trillion won each, to establish BlueOval SK, with one battery plant in Tennessee and two in Kentucky.

The Tennessee plant will be built on an area of 15.54 million square meters (4.7 million pyeong) along with Ford's EV production plant. The Kentucky plant site has a total area of 6.28 million square meters (1.9 million pyeong). The production capacity is a total of 129-gigawatt hours. The two companies, along with Koc Holdings, announced in March that they would set up a joint venture in Turkey with a production capacity of 30 to 45 gigawatt-hours. The two companies are working together not only in the U.S. market but also in the European market.

The full-size electric pickup truck F-150 Lightning, released by Ford this spring, is exceedingly popular with customers. Along with this EV’s success, the performance of SK On, its battery supplier, is also soaring. Ford announced that it will need 140 gigawatt-hours of batteries in North America by 2030 and 240 gigawatt-hours of batteries worldwide by 2030. SK On will be key in supporting these needs.

SK On plans to expand its production capacity from a mere 1.6 gigawatt-hours in 2017 to 77 gigawatt-hours by the end of this year through steady investments in the United States, Hungary, and China. By 2030, it is expected to expand to more than 500 gigawatt-hours. In addition, SK On’s market share is also growing rapidly, and its market share ranking, which was ninth in 2019, has now risen to fifth.

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