SK On, a battery company and subsidiary of SK innovation, has secured $2 billion in investment resources from export credit agencies, which it plans to devote to an under-construction battery plant in Iváncsa, Hungary. “Euler Hermes and Korea Trade Insurance Corporation will provide insurance worth $800 million and $700 million respectively, and the Export-Import Bank… Read more »
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Ford and partners to build 30-45 GWh battery plant in Turkey
Ford has proposed to form a joint venture with Turkish industrial conglomerate Koç Holding and South Korea’s SK Innovation to make EV batteries at a new plant near Ankara. The factory, which is expected to have an annual capacity of 30 to 45 GWh, will supply batteries for Ford’s commercial vehicles, which are expected to… Read more »
Ford unveils big plans for an EV factory and 3 battery plants in Tennessee and Kentucky
Here at Charged, we don’t usually repeat superlative claims—“the first, the biggest, the fastest”—we leave those to the Guinness Book of Records. In this case, however, we’ll make an exception. Ford says its plan to build two new manufacturing complexes in Tennessee and Kentucky represents “the largest ever manufacturing investment at one time by any… Read more »
Ford and Redwood Materials to collaborate on battery recycling
Redwood Materials, the battery materials firm founded by Tesla cofounder JB Straubel, has announced a partnership with Ford. The two companies will work together to “create a closed loop for battery recycling and a domestic supply chain for critical battery materials.” Ford also made a strategic investment of $50 million in Redwood. “Excited to work… Read more »
SK becomes third-largest shareholder of battery company SES
SK has invested an additional $35.9 million in SES (formerly SolidEnergy Systems), a developer of lithium-metal batteries. Coupled with its original $26.7 million investment in 2018, SK now becomes the third-largest shareholder of the battery company. SES, which launched in 2012 as an MIT research lab startup, is headquartered in Singapore, and operates labs and… Read more »
Ford EV head: “We are not in this to build a couple of trucks.”
Over the years, Charged has reported on many EV initiatives from major automakers. These have always been announced with great fanfare, and promises of “commitment” to electrification, but after a couple of years and a couple thousand EV sales, most of these “new eras” have quietly faded away (Ford’s 2012 e-mobility effort was just one… Read more »
Ford raises its EV game: 40% pure EVs by 2030, new platforms, new battery initiatives and more
In a virtual meeting with investors, Ford outlined a plethora of plans to expand its electrification efforts. There was a big bundle of news, which will take the media some days to fully unpack, but the gist of it is that, under a plan dubbed Ford+, the automaker will be allocating capital to three priority… Read more »
GM and LG to build second US battery plant in Tennessee
Ultium Cells, a joint venture of LG Energy Solution and General Motors, have announced plans to build a second US battery cell manufacturing plant, in Spring Hill, Tennessee. The companies will invest some $2.3 billion in the new facility, which will supply battery cells to GM’s Spring Hill assembly plant. Construction on the 2.8 million-square-foot… Read more »
Settlement of dispute between South Korean battery makers is good news for US auto industry
LG Energy Solution and SK Innovation have settled a long-running trade dispute, clearing the way for SK to proceed with construction of a battery factory in Commerce, Georgia that is slated to supply batteries to Ford and Volkswagen. The International Trade Commission decided in February that SK stole 22 trade secrets from LG Energy, and… Read more »
SK Innovation to invest in battery plant in Hungary
SK Innovation will invest $1.148 billion in SK Battery Hungary to build a new EV battery factory. The factory is expected to be constructed in Iváncsa, Hungary, and will have a production capacity of 30 GWh per year. The company’s first and second European plants are also located in Hungary, and the expected third plant… Read more »