Ford & SK Innovation to Launch EV Battery Joint Venture

20 May 2021

    Ford Motor and South Korean battery maker - SK Innovation are about to launch a battery joint venture in the US to support Ford’s electric vehicle rollout.


    The deal may eventually include a jointly owned plant to make battery cells for use in rechargeable EV batteries, sources familiar with the matter said, but no official confirmations have so far followed from either of the companies.


    Talks around the joint venture picked up speed last month after SK Innovation agreed to pay $1.8 billion to LG Energy Solution to settle LG's accusations of trade theft by its rival.The dispute, which the administration of U.S. President Joe Biden had been on the verge of settling with a ruling, had put SK Innovation's battery cell plant in Georgia at risk. That plant, which is under construction, will serve Ford and Germany's Volkswagen AG.


    Biden on Tuesday called for government grants for new battery production facilities as part of a $174 billion EV proposal during a visit to a Ford EV plant in Michigan. 


    A deal with SK may have Ford taking a similar path as rival General Motors which has a battery joint venture with LG Energy that is building plants in Ohio and Tennessee.


    Ford is currently pushing to electrify key models in its lineup, including the Transit van late this year and F-150 pickup mid-2022, and already sells the all-electric Mustang Mach-E SUV. The automaker has said it will invest $22 billion in electrification through 2025.

    *The products advertised are only available to clients under Fondex Limited (SDL No: SD037). Trading CFDs involves significant risk of loss.


Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit