South Korean EV Battery Makers Settle U S Squabble thedetroitbureau.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedetroitbureau.com Daily Mail and Mail on Sunday newspapers.
Shares of South Korea's SK Innovation and LG Chem jumped on Monday after the battery makers agreed on a 2 trillion won ($1.8 billion) dispute settlement over EV battery technology, which analysts said freed them up to stay on top of battery developments from clients like.
South Korean firms reach a deal that Biden calls a win for the ‘American auto industry’
Updated Apr 11, 2021;
Posted Apr 11, 2021
FILE - This Oct. 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. (AP Photo/Lee Jin-man, File)AP
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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 manufacture batteries in Georgia. President Joe Biden called it “a win for American workers and the American auto industry.”
Monday, 12 Apr 2021 02:55 PM MYT
SK Innovation agreed to pay its rival, an LG Chem Ltd unit, 2 trillion won (US$1.8 billion) to drop all litigation in a bitter trade secrets dispute. That was far less than expected with some estimates putting settlement costs at 7 trillion won. Reuters pic
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SEOUL, April 12 Shares in South Korean auto battery maker SK Innovation Co Ltd soared today after it buried the hatchet with LG Energy Solution, freeing up both firms to expand in the United States, where electric cars have become a Biden administration priority.