Ford and South Korean battery maker SK Innovation on Thursday announced they will form a battery joint venture in North America to support the No. 2 U.S. automaker’s electric vehicle rollout.

The companies said they have signed a memorandum of understanding for the formation of the venture, called BlueOvalSK.

Details of the venture’s ownership structure will be set in the finalized agreement, expected later this summer, Ford said. The plan is for the partnership to produce about 60 gigawatt-hours (GWh) annually in traction battery cells and array modules, starting mid-decade, with potential to expand, the companies said.

Read Full Story At driving.ca >>