May 23 2021
BlueOvalSk,A Joint Venture is Forming Between SK Innovation and Ford For EV Battery Development
South Korea-based SK Innovation Ford and today announced that they have signed a memorandum of understanding (MoU) to create an electric vehicle battery joint venture called "BlueOvalSK" to produce approximately 60 GWh per year in battery cells and matrix modules. Ford's global battery electric vehicle (BEV) package requires at least 240 gigawatt hours (GWh) of battery cell capacity by 2030. Ford says around 140 GWh will be needed in North America, with the remainder dedicated to other key regions, including Europe. and China, which is the world's largest auto market. Ford is also investing $ 185 million in a collaborative learning laboratory in southeastern Michigan dedicated to developing, testing, and building vehicle battery cells and cell arrays. Ford has committed at least $ 22 billion through 2025 to develop new electric vehicles and its new electric vehicle battery joint venture will help ensure the company has all the batteries it needs to compete in the electric vehicle space.