2 Korean Battery Makers Settle Dispute That Threatened Biden’s Green Agenda
Summary
Two South Korean manufacturers of electric vehicle batteries that are building plants in the United States said on Sunday that they had reached a $1.8 billion settlement in a trade secrets dispute that threatened the domestic battery supply and, with it, the Biden administration’s green agenda. The announcement came on the day of a deadline set by the United States’ trade representative to decide whether to veto an International Trade Commission ruling in the intellectual property case between LG Energy Solution and SK Innovation. The commission’s ruling in favor of LG had threatened SK with a ban on supplying batteries in the country and put its facility under construction in Georgia at risk. The plant, which is still under construction, will supply batteries for electric vehicles for Ford and Volkswagen, and with the settlement agreement, SK is now also free to seek business from other companies. The settlement prevents delays in the development of American electric vehicles and supplies.