The facility in the state of Georgia is regarded as symbolising close partnerships between the two countries in the electric vehicle (EV) battery sector.
The two companies signed a memorandum of understanding on the joint venture, called BlueOvalSK, to build a battery factory with 60 gigwatt hours (GWh) of production in the US by the mid-2020s.
Ford has said it will invest $22 billion in electrification by 2025, vowing to step up efforts to build its own batteries for stable supply of the key component.
The SK-Ford partnership is expected to be similar to what LG Energy has with another American automaker, General Motors, with the two jointly building battery factories in Ohio and Tennessee.
The two companies plan to announce a memorandum of understanding on the joint venture later in the day, as South Korean President Moon Jae-in meets with U.S. President Joe Biden in Washington
The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford
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