Two Korean firms end electric car battery row, averting US ban
Al Jazeera
The last-minute settlement helped save 6,000 battery manufacturing jobs and eased Ford and VW’s EV rollout plans.
Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden from choosing between undermining intellectual property rights or dealing a politically toxic blow to his climate agenda. SK Innovation Co. agreed to pay 2 trillion won ($1.8 billion) to LG Energy Solution, a unit of LG Chem Ltd., according to a statement from the two companies. The payment is divided equally in cash and royalties, they said. Shares of SK Innovation surged as much as 18% in early Seoul, and was trading while LG Chem gained as much as 4%. The deal is a “major positive” for SK Innovation, Morgan Stanley analysts said in a note to clients.
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Hwang had been convicted in July on 10 criminal charges including wire and securities fraud, market manipulation.