Ford’s new F-150 Lightning electric pickup truck could be a hit. With this new product, the company fully embraces electric vehicles, which is why the concern announced plans to create a production of batteries for electric vehicles.
On the eve of the auto giant Ford signed a memorandum of understanding with SK Innovation to create a new joint venture known as BlueOvalSK. Production is slated to begin mid-decade.
The company will be able to produce about 60 GWh per year in traction battery cells and array modules with expansion potential. The global EV plan calls for at least 240 GWh of battery capacity by 2030, of which approximately 140 GWh will be needed in North America.
Ford did not go into details, but said the joint venture will create next generation elements and arrays that will be used to power future EVs.
Ford and SKI will jointly develop and commercialize battery cells at a scale to deliver optimum performance and value to their Ford and Lincoln customers. Future batteries will become more affordable and provide greater range than those available today.
The American auto giant said they plan to spearhead the electric vehicle revolution. This includes supplying fifth generation lithium-ion batteries and preparing for the transition to solid-state batteries, which promise customers more range, lower cost and safer electric vehicles.
Ford CEO Jim Farley stressed that this memorandum of understanding is just the beginning. It is a key part of a plan to vertically integrate key capabilities that will differentiate Ford in the distant future.