SK Innovation announced on the 21st that it will partner with Ford, the second-largest car manufacturer in the U.S.

The two companies will each spend 3 trillion won to establish a joint venture called "BlueOvalSK" to build EV batteries in the U.S. and have signed a memorandum of understanding on the joint venture the day before.

"BlueOvalSK" will produce power batteries and modules with an expected annual capacity of 60 GWh (gigawatt hours).

SK Innovation's first plant in Georgia will be completed later this year, and a second plant is under construction. With this investment, SK Innovation's investment in the U.S. will reach 6 trillion won. (Yonhap News Agency)