South Korean battery maker SK Innovation is facing a massive financial blow after a bitter dispute with US automaker Ford. According to a recent statement, SK Innovation estimates that the breakup of their battery supply agreement will cost the company a staggering $2.6 billion. The dispute, which has been ongoing for several years, centered around allegations that SK Innovation had stolen trade secrets from a former partner, LG Chem. The fallout has significant implications for the global electric vehicle (EV) market, as SK Innovation was set to supply batteries to Ford's EV models, including the F-150 Electric. The financial hit may force SK Innovation to re-evaluate its business strategy and potentially impact its ability to meet growing demand for EV batteries.
SK Innovation says Ford battery breakup cost it $2.6 billion detroitnews.com