SK On Ends Ford Battery Venture, Shifts to Energy Storage
Update: 2025-12-11
Description
SK On, a South Korean battery maker, ends joint venture with Ford for U.S. battery plants, focusing on energy storage systems. Ford subsidiary takes full ownership of Kentucky plants, SK On operates Tennessee plant. This shift comes as EV demand slows and U.S. subsidies change, pushing SK On to rethink U.S. strategy and expand into energy storage. Restructuring aims to improve financial situation and profitability by reducing debt and cutting costs.
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