The companies had no immediate comment.
The U.S. International Trade Commission had issued the import ban Feb. 10 based on what it called an “extraordinary” effort by SK Innovation to destroy evidence in a trade-secret case lodged by fellow South Korean rival LG Chem Ltd.’s LG Energy Solution Co. unit.
The ITC did carve out time to let SK Innovation import components for batteries to be assembled in Georgia for Ford and Volkswagen vehicles.
The ban was scheduled to take effect April 11, unless President Joe Biden overturned it on public policy grounds. South Korea government officials and Biden administration pushed the companies to reach an agreement instead.
SK Innovation will be able to sell to Ford and VW - The Washington Post washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
Publishing date: Apr 10, 2021 • 6 hours ago • 2 minute read •
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WASHINGTON South Korean battery makers LG Chem and rival SK Innovation Co have agreed to settle a trade secrets dispute that has threatened a key Georgia plant and the electric vehicle plans of Ford Motor Co and Volkswagen AG, three sources briefed on the matter said.
The Biden Administration through the U.S. Trade Representative’s Office (USTR) faces a Sunday night deadline on whether to take the rare step of reversing a U.S. International Trade Commission decision. An announcement of the settlement is expected soon.
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FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul
WASHINGTON (Reuters) – Korean battery makers LG Chem and rival SK Innovation Co are expected to announce a settlement on Saturday in a trade secrets dispute that has threatened a key Georgia plant and the electric vehicle plans of Ford Motor Co and Volkswagen AG, three sources briefed on the matter said.
The Biden Administration faces a Sunday night deadline on whether to take the rare step of reversing a U.S. International Trade Commission decision. The ITC in February sided with LG Chem in its trade secrets claims, but allowed SK to import components for batteries for Ford’s EV F-150 program for four years, and Volkswagen’s North American EVs for two years. SK vowed to walk away from its $2.6 billion Georgia battery plant under construction if the ITC decision was not overturned.
Korean battery companies agree to settle U.S. trade dispute -sources David Shepardson ,
By David Shepardson and Hyunjoo Jin
WASHINGTON (Reuters) - South Korean battery makers LG Chem and rival SK Innovation Co have agreed to settle a trade secrets dispute that has threatened a key Georgia plant and the electric vehicle plans of Ford Motor Co and Volkswagen AG, three sources briefed on the matter said.
The Biden Administration through the U.S. Trade Representative s Office (USTR) faces a Sunday night deadline on whether to take the rare step of reversing a U.S. International Trade Commission decision. An announcement of the settlement is expected soon.