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Electric vehicle battery firms settle trade spat


Nepalnews
2021 Apr 11, 10:26, WASHINGTON
This October 26, 2017 file photo shows the corporate logo of LG Electronics in Goyang, South Korea. Two South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move ahead with plans to make batteries in Georgia. (Photo via AP)

Two big South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move ahead with plans to make batteries in Georgia, a person briefed on the matter says.

LG Energy Solution and SK Innovation reached the settlement, ending the need for President Joe Biden to intervene in the dispute, the person said Saturday. The person asked not to be identified because the companies have not yet announced the settlement. No details were available.

The US International Trade Commission decided in February that SK stole 22 trade secrets from LG Energy, and that SK should be barred from importing, making or selling batteries in the United States for 10 years.

The decision could have left Ford and Volkswagen scrambling for batteries as they both roll out additional electric vehicle models. SK has contracts to make batteries for an electric Ford F-150 pickup truck and an electric Volkswagen SUV.

The commission said SK could supply batteries to Ford Motor Co for four years and to Volkswagen AG for two years.

The decision jeopardised a $2.6 billion battery factory that SK is building in Commerce, Georgia.

Politicians were calling on Biden to overrule the commission’s decision. Biden had until Sunday night to make a decision.

electric vehicle battery trade spat South Korean Georgia LG Energy Solution SK Innovation President Joe Biden US International Trade Commission Ford Volkswagen

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