In the wake of its decision to pivot from certain EV production to the energy business, Ford Motor (F) has terminated its partnership with South Korea’s LG Energy Solutions.
In October 2024, LG Energy signed two contracts with Ford (F) worth $6.5B to supply EV batteries to the company’s European operations beginning in 2026.
The news also follows a similar development between Ford (F) and SK On to terminate its $11.4B BlueOval joint venture to build batteries for the F-150 Lightning. Ford is repurposing both BlueOval facilities to produce energy cells that can be used to power the electric grid and growing data center demand.
On Monday, Ford (F) announced a major shift in its electric vehicle business, sunsetting production of the current generation of F-150 Lightning, shifting production to other alternative fuel models, including extended range electric vehicles (EREV), hybrids, and smaller EVs, as well as invest in the production of energy cells for both individual and commercial use.