SK Innovation is an all-around manufacturing company, located in South Korea, that has recently partnered with the giant vehicle corporation known as Ford. Over the course of the decades that Ford has been in business, they have managed to create a name for themselves by investing in new ideas that seem more efficient for the way they structure their cars. This time the company looks to take a major step up in the car industry by collaborating with SK Group, from SK Innovation, in a group total of $11.4 million in order for both businesses to build multi-purpose “electric vehicle battery factories;” this is the largest investment plan that Ford has ever put into action.
As of last Monday, September 27, 2021, both corporations declared that their selected facilities throughout the United States, in states such as Tennessee and Kentucky, will begin to manufacture “advanced lithium-ion batteries” at the commencement of 2025. This particular move is reportedly set to produce approximately 11,000 new jobs for currently unemployed citizens, while the batteries being created are planned to power the entire building that the employees will be working in. Out of the $11.4 million that is being invested, SK Group is putting out $4.4 million as Ford will be filling in the rest due to the simple fact that they have a higher amount of future plans for the EV batteries within their company.
A representative from SK Innovations released a public statement concerning the success of the newly made EV batteries that read: “The biggest move Ford and SK need to consider is how vertically integrated they are able to be. Many car companies and cell manufacturers have started making their own electrodes or even signing off-take agreements for key minerals… a move Ford and SK need to replicate to secure their supply chain and keep costs low.” As Ford hopes on being able to keep up with other competing car businesses, and as SK Innovation looks to expand its name, we can all expect a high increase of EV batteries throughout the United States over the next 3-5 years.