The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Garbage collector mistakes sex doll for corpse

  • 3

    Free subway rides for elderly emerge as headache for Seoul mayor

  • 5

    Korea seeks measures to better protect foreign workers

  • 7

    Retailers return to Myeong-dong as more foreign tourists visit

  • 9

    Is non-consensual sex not rape?

  • 11

    4 South Korean activists arrested for executing orders from Pyongyang

  • 13

    President pledges support for Korean chipmakers to overcome crisis

  • 15

    Pyongyang threatens eye-for-eye response as US B-1B bombers join drills in South Korea

  • 17

    Police to introduce new measures to better handle intoxicated people

  • 19

    China imposes mandatory virus tests for arrivals from Korea only in latest protest over curbs

  • 2

    Major webtoon platforms' fight against piracy

  • 4

    Seoul city council under fire for sexual conduct guidelines for teachers

  • 6

    Samsung unveils new Galaxy S23 smartphone

  • 8

    ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views

  • 10

    Japanese comic series 'Slam Dunk' enjoys resurgence on back of animated film

  • 12

    INTERVIEWA touch of authenticity in Korea's Mexican cuisine scene

  • 14

    $120,000 banana, praying Hitler: Infamous art world prankster Maurizio Cattelan's first Seoul outing

  • 16

    Income gap widening among workers

  • 18

    Korea's presidential couple celebrates recovery of Cambodian boy who received heart surgery

  • 20

    Retired actress Shim Eun-ha denies rumor of return

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Fri, February 3, 2023 | 18:35
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
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
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
 
Top 10 Stories
1Seoul city council under fire for sexual conduct guidelines for teachers Seoul city council under fire for sexual conduct guidelines for teachers
2Samsung unveils new Galaxy S23 smartphone Samsung unveils new Galaxy S23 smartphone
3[INTERVIEW] A touch of authenticity in Korea's Mexican cuisine scene INTERVIEWA touch of authenticity in Korea's Mexican cuisine scene
4Pyongyang threatens eye-for-eye response as US B-1B bombers join drills in South Korea Pyongyang threatens eye-for-eye response as US B-1B bombers join drills in South Korea
5Police to introduce new measures to better handle intoxicated people Police to introduce new measures to better handle intoxicated people
6Gov't announces measures to cope with shortage of surgeons Gov't announces measures to cope with shortage of surgeons
7[INTERVIEW] 'Extended deterrence is best option to ensure peace on Korean Peninsula' INTERVIEW'Extended deterrence is best option to ensure peace on Korean Peninsula'
8[INTERVIEW] US-NK summit is unlikely in 2023: Korea Society INTERVIEWUS-NK summit is unlikely in 2023: Korea Society
9[INTERVIEW] IMF expects no recession for Korean economy INTERVIEWIMF expects no recession for Korean economy
10Taxi passengers in Seoul taken aback by fare increase Taxi passengers in Seoul taken aback by fare increase
Top 5 Entertainment News
1Major webtoon platforms' fight against piracy Major webtoon platforms' fight against piracy
2ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views
3$120,000 banana, praying Hitler: Infamous art world prankster Maurizio Cattelan's first Seoul outing $120,000 banana, praying Hitler: Infamous art world prankster Maurizio Cattelan's first Seoul outing
4PULL UP: VIVIZ returns with new song about gossipers PULL UP: VIVIZ returns with new song about gossipers
5Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth' Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group