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| SK Group Executive Vice Chairman Chey Jae-won delivers a congratulatory speech at the groundbreaking ceremony for BlueOval SK Battery Park in Glendale, Kentucky, Monday (local time). Courtesy of SK On |
By Park Jae-hyuk
BlueOval SK, the joint venture between SK On and Ford Motor, broke ground for the America's largest electric vehicle (EV) battery plant on a 6.28 million-square-meter site in Glendale, Kentucky, Monday (local time).
With the new factory, SK On aims to become the world's third-largest battery supplier by 2025.
"Right here in Kentucky, Ford and SK are joining forces to lead the future of the EV industry," SK Group Executive Vice Chairman Chey Jae-won said at the groundbreaking ceremony. "We will be manufacturing the safest and the most reliable batteries in the world. Over the next two years, BlueOval SK will build the biggest and most advanced plants for EV batteries, and Kentucky will become a vital center for the future of clean mobility."
Ford EV Industrialization Vice President Lisa Drake said that Ford's roots run deep in Kentucky, and BlueOval SK is going to help Ford to lead the EV revolution, bringing thousands of high-tech jobs to the Bluegrass State.
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| SK Group Executive Vice Chairman Chey Jae-won, left, and Kentucky Governor Andy Beshear sign their names on a beam during the groundbreaking ceremony for BlueOval SK Battery Park in Glendale, Kentucky, Monday (local time). Courtesy of SK On |
The ceremony was also attended by SK On President Jee Dong-seob, BlueOval SK CEO David Hahm, Ford Workforce Development Director Liliana Ramirez and Kentucky Governor Andy Beshear. Some 400 state, community and business leaders, as well as residents, also gathered to celebrate the official commencement of construction on the EV battery manufacturing complex.
"BlueOval SK Battery Park will be at the core of the electrification of the North American auto market," Jee said. "We expect SK On and Ford's leadership in the global electric vehicle market to be solidified through BlueOval SK."
During a press conference prior to the ceremony, the SK On president expressed his confidence in the company's potential to become the world's third-largest battery supplier, once it completes its investments for expansion in the U.S. in 2025.
SK On is currently the world's fifth-largest battery maker with a 6.2 percent market share. It aims to become the global No. 1 battery firm by 2030, by securing a production capacity of 500 gigawatt-hours.
Jee also said that SK On will be among the beneficiaries of the U.S. Inflation Reduction Act, as the company is prepared for the law which refuses tax benefits for purchases of EVs, unless all of their battery components are manufactured or assembled in North America and their critical minerals are sourced from the U.S. or countries that have free trade agreements with the U.S.
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