Biden celebrates deal in electric vehicle battery dispute
LG Energy and SK Innovations have reached a $1.8 billion (€1.5 billion) settlement over stolen corporate secrets. The deal is a boost for US car manufacturers.
The $2.6 billion investment in a US factory in Georgia was under threat due to the dispute
Electric vehicle manufacturers breathed a sigh of relief on Sunday as two key South Korean battery producers put aside a dispute that was threatening global supply chains.
The row between LG Energy Solutions and SK Innovation had jeopardized the fulfillment of contracts to carmaking giants such as Volkswagen and Ford. The deal between the two parties means that car manufacturers can now push ahead with making electric cars.
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. U.S. President Joe Biden called it "a win for American workers and the American auto industry."
International Business News: South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology,
South Korean electric-vehicle battery makers SK Innovation and LG Energy Solution have reached a settlement in a US trade dispute. Under the terms of the agreement, SK will pay $1.8 billion to LG.