Two big South Korean electric vehicle battery makers said Sunday they have settled a long-running trade dispute that will allow one company to move ahead with plans to manufacture batteries in Georgia. President Joe Biden called it “a win for American workers and the American auto industry.”
The agreement between LG Energy Solution and SK Innovation ended the need for Biden to intervene in a case closely watched for its implications on Biden’s clean-energy agenda, which includes a sharp increase in the number of electric vehicles as part of his plan to address climate change. Biden had until Sunday night to make a decision, following a ruling in February by a trade commission.
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US President Joe Biden on Sunday hailed the settlement of an electric vehicle battery dispute between LG Energy Solution Ltd. and SK Innovation Co. as a "win for American workers and the American auto industry."SK Innovation agreed to .
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WASHINGTON (Reuters) - U.S. President Joe Biden on Sunday welcomed a settlement between South Korean battery makers LG Energy Solution and SK Innovation Co over electric-vehicle (EV) battery technology, saying it would help create jobs for American workers.
The settlement came hours before a Sunday deadline for Biden to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC) that could have shuttered a new $2.6 billion SK battery plant in Georgia. This settlement agreement is a win for American workers and the American auto industry, Biden said in a statement, adding that it would help ensure that the United States had a strong, diversified U.S.-based electric vehicle battery supply chain.