DEARBORN — Ford Motor Co. and South Korean battery manufacturer SK On are unwinding one of the most ambitious electric-vehicle bets of the past decade, ending their $11.4 billion joint venture to build EV battery plants in the United States as demand for electric vehicles softens and federal policy signals shift.

The move marks a sharp reversal from 2021, when Ford and SK On announced plans to construct multiple battery plants in Tennessee and Kentucky, a deal that was widely seen as a cornerstone of Ford’s long-term electrification strategy. At the time, soaring EV sales projections, generous federal incentives and tightening fuel economy standards pushed automakers to move aggressively into battery production.

Four years later, the EV landscape looks far more uncertain.

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