[Breaking] SK Innovation Invests 5 Trillion Won in US Battery Joint Venture with Ford
[Asia Economy Reporter Hwang Yoon-joo] SK Innovation will invest approximately 5 trillion KRW to establish a battery joint venture with Ford.
SK Innovation announced on the 28th that its board of directors held a meeting and resolved to invest 5.1175 trillion KRW (4.45 billion USD) for the construction of a battery production plant in the United States through the joint venture BlueOvalSK with Ford.
The SK Innovation board decided on this large-scale investment reflecting that the battery production volume by BlueOvalSK is expected to more than double compared to the initial forecast. With this investment resolution, SK Innovation will be able to accelerate its investment in the U.S. battery business.
However, SK Innovation explained that the actual investment execution will proceed sequentially according to the progress of the project.
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SK Innovation and Ford Motor Company signed a memorandum of understanding (MOU) last May to establish the joint venture ‘BlueOvalSK’ for the production of batteries for electric vehicles.
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