(SK on)

South Korean battery maker SK On Co. said Friday it has partnered with Ford Motor Co. and a domestic cathode firm to jointly invest in a cathode materials production facility in the United States.

SK On said it has recently signed a letter of intent with Ford and ECOPRO BM Co. to start the construction of the plant in late 2023.

The three companies have yet to decide on the ratio of their investments and the plant site.

The cathode materials to be produced in the plant will be supplied to BlueOval SK, a 50:50 battery-making joint venture set up between SK On and Ford Motor, for electric vehicle production in the US, the statement said.

Cathode materials are the main component of lithium ion batteries used in electric vehicles, handsets and other electronic gadgets. (Yonhap)