Biden praises the settlement of disputes between manufacturers of electric vehicle batteries

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President BidenJoe BidenBiden looks at US’s biggest role in global vaccination efforts Trump says GOP will take on White House in 2024 in Kemp-ready speech: Removing All-Star Game from Atlanta Will Affect Black Business Owners MORE on Sunday he praised the news of a settlement between two South Korean electric vehicle battery manufacturers engaged in a costly trade dispute, calling it “a victory for American workers and the American auto industry.”

“We need a strong, diversified and resilient US electric vehicle battery supply chain so we can supply the growing global demand for these vehicles and components – creating well-paid jobs here at home and laying the groundwork for jobs. tomorrow’s work, ”Biden said in a statement following reports that LG Energy Solution and SK Innovation Co have settled an intellectual property dispute.

According to Bloomberg, this dispute could have led to a long-term ban on imports of SK batteries, which would have threatened the US electric vehicle industry, as well as thousands of jobs at a SK plant in Georgia.

“Today’s settlement is a positive step in that direction, which will bring welcome relief to workers in Georgia and a new opportunity for workers across the country,” Biden added.

Bloomberg said SK would pay LG about $ 1.8 billion in cash and royalties.

The agreement provides for a ban on SK batteries by the US International Trade Commission in February, which has called on US carmakers to reach an agreement between the two companies.

“A voluntary settlement between these two suppliers is ultimately in the interest of American manufacturers and workers,” Ford CEO Jim Farley said in a tweet at the time.

Bloomberg reported that Sunday’s settlement was followed by weeks of near-constant meetings between representatives of both companies and U.S. officials from several agencies, as well as the two newly elected senators from Georgia. Raphael WarnockRaphael Warnock Georgia lawmaker arrested as governor signs electoral bill will not be prosecuted Democrats see opportunity as states impose new voting rules Texas governor refuses to take first step over MLB position on Georgia MORE (D) and Jon OssoffJon Ossoff Memo to millennials: don’t get mad at us The group launches an M campaign against lawmakers who support “vote suppression” Republicans pledge to take the smallest path (D).

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