SK Innovation and Ford has official confirmed their planned joint venture on Thursday.
The pair will form BlueOvalSK, which will aim to manufacture 60GWh of battery cell and module for electric cars per year staring in the mid-2020s, SK Innovation said.
The amount is enough to power 600,000 electric pick-up trucks with 100KWh capacity.
The pair spend 6 trillion won in total to their joint venture, SK Innovation said.
SK Innovation CEO Kim Jun said the company plans to play a central role in US’ policy to build a value chain around electric cars.
BlueOvalSK’s batteries will be used in multiple models of pure electric vehicles made by Ford going forward, the company added.