WASHINGTON (AP) – Two major South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move forward with plans to make batteries in Georgia, says an informed person on this issue.
LG Energy Solution and SK Innovation have reached a settlement, ending the need for President Joe Biden to intervene in the dispute, the person said on Saturday. The person asked not to be identified, as the companies have not yet announced the solution. No details available.
The International Trade Commission ruled in February that SK had stolen 22 trade secrets from LG Energy and that SK should be banned from importing, manufacturing or selling batteries in the United States for 10 years.
The decision could have left Ford and Volkswagen looking for batteries, as both launch additional models of electric vehicles. SK has contracts for the manufacture of batteries for a Ford F-150 electric pickup and a Volkswagen electric SUV.
The commission said SK could supply batteries to Ford Motor Co. for four years and to Volkswagen AG for two years.
The decision endangered a $ 2.6 billion battery plant that SK is building in Commerce, Georgia.
Politicians were asking Biden to overturn the commission’s decision. Biden had until Sunday night to make a decision.
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Krisher reported from Detroit.