SK Innovation Is In The Driver s Seat After EV Battery Settlement With LG Chem forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
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.
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