Updated News Around the World

Ford, SK Innovation announce US electric battery venture

Jim Farley, CEO of Ford Motor Company, posed with the new all-electric F-150 Lightning at a reveal event Wednesday night.

US auto giant Ford and South Korea’s SK Innovation plan to team up to produce battery cells and array modules for electric autos, the companies announced Thursday.

The companies signed a memorandum of understanding to establish BlueOvalSK, a joint venture that will initially plan production of 60 gigawatt hours annually of capacity at mid-decade, with potential to expand further.

The move is the latest by Ford to accelerate its ramp-up in electric vehicles as governments, including the Biden administration, enact policies to mitigate climate change and minimize auto-related emissions.

On Wednesday night, Ford officially unveiled the all-electric version of its bestselling F-150 pickup truck, part of Ford’s $22 billion electric investment campaign.

Ford Chief Executive Jim Farley said Thursday that the automaker was determined to “in-source” batteries and other critical items needed as autos become more connected and employ more autonomous systems.

Besides the F-150, called the Lightning, Ford has begun selling the electric Mustang Mach-E sport utility vehicle and will soon bring the E-Transit cargo van to showrooms.

“In the next 10 months, we’re going to have these three high-volume vehicles and we need batteries, so yes we’re investing,” Farley told CNBC, adding that integrating batteries into Ford’s operation would contain costs.

Ford’s joint venture with SK Innovation is subject to regulatory approvals and other conditions, the companies said.

SK Innovation has produced mid-to-large EV batteries since 1991 and currently operates a battery plant in Georgia that serves two global carmakers.

“Ford is one of the most active players in vehicle electrification today,” said Kim Jun, chief executive of SK Innovation in a news release. “Our JV with Ford will play a pivotal role in fleshing out the electric vehicle value chain in the United States, a key objective of the current US administration.”

Ford to speed up push to electric autos, digitization

© 2021 AFP

Ford, SK Innovation announce US electric battery venture (2021, May 20)
retrieved 23 May 2021
from https://techxplore.com/news/2021-05-ford-sk-electric-battery-venture.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsUpdate is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.