SK On, the South Korean battery producer, has officially concluded its joint venture with Ford Motor Co. and is now independently operating the electric vehicle battery plant located in Tennessee. The facility, previously known as BlueOval SK Tennessee, has been rebranded as SK On Tennessee, allowing the company to manufacture batteries not only for Ford but also for other multinational automakers. This strategic move comes as Ford will take over two battery plants in Kentucky that were part of the earlier partnership. SK On anticipates that this restructuring will significantly alleviate its financial burdens, projecting a reduction in debt by around $3.6 billion and a decrease in annual interest expenses by about $180 million. In a statement, SK On emphasized that this restructuring enhances its financial structure and operational efficiency in the U.S. market, enabling the company to better adapt to the evolving dynamics of North America's electric vehicle sector. The partnership between SK On and Ford was initially established in 2021 to create a localized battery supply chain for Ford's electric vehicle lineup. Despite the dissolution of their joint venture, SK On intends to continue collaborating with Ford in the future. Following the announcement, SK Innovation, SK On's parent company, saw a 4.12% increase in its share price on the Seoul stock exchange.