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Tue, December 12, 2023 | 07:02
Companies
SK On likely to benefit from Virginia's refusal to accommodate CATL
Posted : 2023-01-18 16:10
Updated : 2023-01-19 07:27
Park Jae-hyuk
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Virginia Governor Glenn Youngkin speaks at an election night party in Chantilly, Virginia, in this November 2021 file photo. AP-Yonhap
Virginia Governor Glenn Youngkin speaks at an election night party in Chantilly, Virginia, in this November 2021 file photo. AP-Yonhap

By Park Jae-hyuk

The U.S. state of Virginia cleared a path for Korean electric vehicle (EV) battery manufacturers to expand their presence in the North American market, by refusing Ford Motor's plan to collaborate with China's CATL to build an EV battery plant in the southeastern state, according to industry officials, Wednesday.

SK On is particularly seen as the main beneficiary of Virginia Governor Glenn Youngkin's negative stance on the Chinese firm, given that the Korean company has already cooperated with Ford to supply its batteries to the U.S. automaker.

According to the Washington Post, the Virginia governor told reporters last Wednesday that he had rejected Ford's efforts to establish a battery plant in the state, due to concerns that the U.S. firm's partnership with China could create a security risk.

Ford has pushed ahead with the construction of its battery plant in Virginia or Michigan, tasking its Chinese partner with the operation of the factory that would have created approximately 2,500 jobs.

The carmaker is supposed to hold a 100 percent stake in the factory, so as to avoid negative impacts from the U.S. Inflation Reduction Act (IRA), intended to restrain the growth of Chinese battery makers including CATL which has the world's largest market share.

"We felt that the right thing to do was to not recruit Ford as a front for China to America," Youngkin said after delivering his State of the Commonwealth speech to the General Assembly.

"I've said before that I want 'Made in America' to mean 'Made in Virginia.' But let me be clear, 'Made in Virginia' cannot be a front for the Chinese Communist Party," the Republican governor also tweeted last week.

Democrats and some news outlets in Virginia leveled criticism at the former Carlyle Group CEO who is mentioned as a potential presidential candidate.

However, the possibility is growing that Korean battery makers may become an alternative for CATL, considering the recent trend of U.S. governors and politicians vying to attract manufacturing facilities from Asian countries to their voting areas.

Hanwha Investment & Securities analyst Lee Yong-wook said that the IRA will lead investors to focus continuously on companies that eliminate their reliance on China

"SK On will definitely enjoy benefits, if Ford cuts its ties with other battery manufactures," an industry expert said.

Virginia Governor Glenn Youngkin speaks at an election night party in Chantilly, Virginia, in this November 2021 file photo. AP-Yonhap
SK Group Executive Vice Chairman Chey Jae-won, left, and Kentucky Governor Andy Beshear sign their names on a beam during the groundbreaking ceremony for BlueOval SK Battery Park in Glendale, Kentucky, in this December 2022 file photo. Courtesy of SK On

Although it has been uncertain recently whether Ford will cooperate with SK On in Turkey, the battery manufacturing unit of SK Group has supplied lithium-ion batteries for F-150 electric trucks. Their joint venture, BlueOval SK, is also building a factory in Kentucky.

When SK and Ford signed a memorandum of understanding in 2021 to set up the joint venture, Ford CEO Jim Farley said, "We will not cede our future to anyone else."


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter
 
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