South Korea EV battery makers reach settlement in US trade dispute
South Korean electric vehicle battery makers SK Innovation and LG Energy Option reach a settlement in a US trade dispute, Bloomberg reported. Under the conditions of the agreement, SK can cover $1.8 billion (two billion obtained ) in cash and exemptions to LG.
At a joint announcement the companies said they’d”work to greatly help the growth of EV battery industry in South Korea and the US. Through healthy rivalry and favorable collaboration,” adding that they’d”interact to fortify the battery system and environmentally friendly policy which the Biden government is chasing ”
Back in Februarythe US International Trade Commission enforced a 10-year import ban on S-K Innovation– thanks to take effect Sunday– after allegations it obtained tech from rival LG.
The settlement will avoid a import ban on S-K Innovation batteries to the US, that may have been debatable to its Biden management. Ford and Volkswagen both are thought to begin production on electric vehicles a year ago, together with batteries made in SK’s plant in Georgia.
“This settlement agreement is a triumph for American workers as well as the American automobile business,” President Biden said in a statement Sunday. “A vital area of my want to Construct Better would be always to possess the electric batteries and vehicles into this future assembled here in America, throughout America, by American workers. We are in need of a solid, diversified and springy US-established electric vehicle battery distribution series, thus we are able to provide you with the expanding international demand for all these components and vehicles ”
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