Biden praises the settlement in disputes between electric vehicle battery manufacturers

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President BidenJoe BidenBiden notes U.S. biggest role in global vaccination efforts Trump says GOP will take on White House in 2024 in Kemp-ready speech: Removing Atlanta’s All-Star Game Will Hurt Color Entrepreneurs on Sunday he praised the news of an agreement between two South Korean electric vehicle battery manufacturers involved in a costly trade dispute, which he described as “a victory for American workers and the American auto industry.”

“We need a strong, diversified and resilient US-based battery supply chain for electric vehicles to be able to supply the growing global demand for these vehicles and components: create well-paid jobs at home and lay the groundwork for tomorrow’s jobs, “Biden said in a statement after reports that LG Energy Solution and SK Innovation Co. had resolved an intellectual property dispute.

According to Bloomberg, this dispute could have led to a lengthy ban on SK battery imports that 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 some satisfaction to Georgia’s workers and a new opportunity for workers across the country,” Biden added.

Bloomberg noted that SK will pay LG approximately $ 1.8 billion in cash and royalties.

The agreement provides for a ban on SK batteries by the U.S. International Trade Commission in February, which sparked calls from U.S. auto manufacturers for the two companies to reach an agreement.

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

Bloomberg reported that Sunday’s deal followed weeks of near-constant meetings between representatives of both companies and U.S. officials from various agencies, as well as Georgia’s two newly elected senators. Raphael WarnockRaphael Warnock: Georgia MP Arrested While Governor Signs Election Bill Will Not Be Processed Democrats See Opportunity As States Push New Voting Rules The Texas Governor Refuses to Launch First Position on Position of MLB in Georgia (D) i Jon OssoffJon OssoffMemo to Millennials: Don’t Get Angry with Us The group launches an M campaign against lawmakers responding to the “suppression of voting rights” that Republicans pledge to take the lowest road MORE (D).

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