Matthew Daly and Tom Krishner
Associated Press
WASHINGTON (AP) 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 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.
WASHINGTON 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
(Recasts with agreement)
WASHINGTON/SEOUL, April 11 (Reuters) - South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over trade secrets dispute, avoiding a potential setback for U.S. electric-vehicle (EV) ambitions.
The settlement by affiliates of two of South Korea’s biggest conglomerates comes hours before a Sunday deadline for the administration of President Joe Biden to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC).
The core dispute had threatened the EV plans of Ford Motor Co and Volkswagen AG, as well as a Georgia plant that is key to the growing industry.
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