SK On Takes Full Control of Tennessee EV Battery Plant After Ford Breakup, Debt Cuts $3.6 Billion

GateNews
According to Yonhap, SK On ended its joint venture with Ford on May 21, taking sole control of its Tennessee EV battery plant. The restructuring, completed five months after the breakup announcement, will reduce SK On's debt by approximately $3.6 billion and save about $180 million in annual interest costs. Ford separately owns and operates two battery plants in Kentucky as the partners unwound the 2022 tie-up amid weaker EV demand.
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