SKorea s Moon says EV battery settlement very meaningful
KIM TONG-HYUNG, Associated Press
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1of3A logo of LG Electronics Inc. is seen outside of the company s office building in Seoul, South Korea, Monday, April 12, 2021. South Korean President Moon Jae-in on Monday welcomed a decision by two South Korean electric vehicle battery makers to settle a long-running intellectual property dispute that had threatened thousands of American jobs and President Joe Biden s environmental policies.Ahn Young-joon/APShow MoreShow Less
2of3South Korean President Moon Jae-in speaks during a meeting of his senior secretaries at the presidential Blue House in Seoul, South Korea, Monday, April 12, 2021. Moon on Monday welcomed a decision by two South Korean electric vehicle battery makers to settle a long-running intellectual property dispute that had threatened thousands of American jobs and President Joe Biden s environmental policies. (Choe Jae-koo/Yonhap via
11 Apr 2021 / 22:03 H.
(Fixes Volkswagen RIC in paragraph 4)
By David Shepardson, Hyunjoo Jin and Heekyong Yang
WASHINGTON/SEOUL, April 11 (Reuters) - South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for U.S. EV ambitions.
The settlement after marathon talks by affiliates of two of South Korea s biggest conglomerates was announced just hours before a Sunday night deadline for President Joe Biden s administration to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC).
In a statement, Biden called the settlement a win for American workers and the American auto industry.. We need a strong, diversified and resilient U.S.-based electric vehicle battery supply chain .
LG, SK reach US$1.8B settlement to end EV battery spat
Gabrielle Coppola, Susan Decker and Christoph Rauwald, Bloomberg News An employee secures battery pack cable on a Volkswagen e-Golf electric automobile. Photographer: Krisztian Bocsi/Bloomberg , Photographer: Krisztian Bocsi/Bloomberg
Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden from choosing between undermining intellectual property rights or dealing a politically toxic blow to his climate agenda.
SK Innovation Co. agreed to pay 2 trillion won (US$1.8 billion) to LG Energy Solution, a unit of LG Chem Ltd., according to a statement from the two companies. The payment is divided equally in cash and royalties, they said.
SK Innovation And LG Chem Settle Trade-Secret Dispute Over EV Batteries carscoops.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from carscoops.com Daily Mail and Mail on Sunday newspapers.
https://youtu.be/NTb3SNtwTjg 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…