South Korea’s second largest conglomerate is making big bets on American-made EV batteries. SK’s partnerships with automakers to build new battery factories—fueled by federal clean-vehicle credits that encourage domestic production—will help reduce U.S. reliance on China and create a southern battery belt. In April, SK announced plans with Hyundai for a $5 billion plant in Georgia. A joint venture with Ford now under way involves two massive battery facilities together worth $11.4 billion, including one in Kentucky that will be the country’s largest. “The U.S. is showing what can happen when the right conditions converge to support EV growth,” says chairman Chey Tae-won.
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