Ford chairman to visit South Korea to meet LG Energy, SK On

Ford chairman Bill Ford will visit South Korea this month to meet with the leadership of battery makers LG Energy Solution and SK On, TheElec has learned.

The visit is likely being made to find a solution to the US Inflation Act, which means electric vehicles with South Korean batteries won’t be able to receive subsidies.

Sources said Ford has already proposed another joint venture with SK On, and the issue will likely be discussed.

The pair and the South Korean battery maker already operate a joint venture called Blue Oval SK in the US.

They also signed an agreement in March to form another venture in Turkey to manufacture electric vehicle batteries.

Ford’s proposal will likely be a pressure on SK On as Blue Oval SK is already planning to spend 10.2 trillion won.

SK On is also expanding its existing battery factories in the US, China and Hungary.

Inflation also means it is difficult for the company to procure equipment, materials and staff at the moment.

Meanwhile, sources said Ford has been forward in wanting more batteries from LG Energy Solution.

F-150 had been selling better than expected: the model already sold 200,000 units in India since becoming available there in May.

Demand for the vehicle has been higher than the number of batteries that can be procured.