S Korean battery makers agree $1.8 bn settlement, aiding Biden’s EV push
WASHINGTON/SEOUL (Reuters) – South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over trade secrets dispute, avoiding a potential setback for U.S. electric-vehicle (EV) ambitions.
The settlement by affiliates of two of South Korea’s biggest conglomerates comes hours before a Sunday deadline for the administration of President Joe Biden to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC).
The core dispute had threatened the EV plans of Ford Motor Co and Volkswagen AG, as well as a Georgia plant that is key to the growing industry.
The resolution is a win for Biden, who has made boosting EVs and U.S. battery production a top priority.
