Hot off the heels of the public debut of the F-150 Lightning pickup truck, Ford announced that it will form a joint venture with South Korea’s SK Innovation to manufacture batteries for electric vehicles at scale.
The two companies signed a memorandum of understanding to create a joint venture called BlueOvalSK that would manufacture batteries in the US. Ford has a preexisting relationship with SK Innovation, which supplies batteries for its Mustang Mach-E SUVs.
But now the two companies will plan on making those batteries together. For months, Ford has sought to gain more control over its supply chain as the race to produce more EVs for the growing US market heats up.
SK Innovation recently lost a trade secret dispute with…