Ford and SK Innovation signed an MoU to create a joint venture—to be called BlueOvalSK—to produce approximately 60 GWh annually in traction battery cells and array modules, starting mid-decade, with potential to expand. About US$5.3 billion (6 trillion KRW) will be invested in the JV. The annual output of 60 GWh produced by BlueOvalSK can power about 600,000 electric pickup trucks (each requires about 100 kWh of battery). This MoU is just the start; it’s a key part of our plan to vertically integrate key capabilities that will differentiate Ford far into the future. We will not cede our future to anyone else. —Jim Farley, Ford president and CEO The creation of the JV is subject to definitive agreements, regulatory approvals and other conditions. Next-gen cells and arrays will be used to power several future Ford battery electric vehicles. Ford’s global BEV plan calls for at least 240 gigawatt […]