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.
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 ($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.
Shares of SK Innovation surged as much as 18% in early Seoul, and was trading while LG Chem gained as much as 4%. The deal is a “major positive” for SK Innovation, Morgan Stanley analysts said in a note to clients.
Amid reports that Apple is building out its Apple Car production capabilities with Kia, Morgan Stanley analysts said that investors are likely underestimating the impact Apple could have on the market.
Credit: AppleInsider
In a note to investors seen by
AppleInsider, a trio of analysts from Morgan Stanley s Asia Pacific Auto, U.S. IT Hardware, and U.S. Autos and Mobility teams shared their thoughts on recent rumors of Apple investing billions in Kia to produce its self-driving car.
Analyst Katy Huberty notes that Apple has a history of funding the build-out of manufacturing capabilities for new products. Before the iPhone launched, Apple spent less than $1 billion annually in capital expenditures. A decade later, that number is now $12 billion, with the largest share being manufacturing equipment.
Amid reports that Apple is building out its Apple Car production capabilities with Kia, Morgan Stanley analysts said that investors are likely underestimating the impact Apple could have on the market.
In a note to investors seen by
AppleInsider, a trio of analysts from Morgan Stanley s Asia Pacific Auto, U.S. IT Hardware, and U.S. Autos and Mobility teams shared their thoughts on recent rumors of Apple investing billions in Kia to produce its self-driving car.
Analyst Katy Huberty notes that Apple has a history of funding the build-out of manufacturing capabilities for new products. Before the iPhone launched, Apple spent less than $1 billion annually in capital expenditures. A decade later, that number is now $12 billion, with the largest share being manufacturing equipment.