WASHINGTON (AP) – Two major South Korean electric vehicle battery makers have settled a lengthy trade dispute that will allow one of them to move forward with plans to make batteries in Georgia, according to a person familiar with the matter.
LG Energy Solution and SK Innovation came up with the solution, ending the need for President Joe Biden to intervene in the dispute, the person said Saturday. The person asked not to be identified because the companies have not yet announced the liquidation. No details available.
The U.S. 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 ten years.
The decision could have left Ford and Volkswagen looking for batteries, as they were both launching additional electric vehicle models. SK has contracts to manufacture batteries for a Ford F-150 electric van and a Volkswagen electric SUV.
The commission said SK could supply batteries to Ford Motor Co. for four years and for Volkswagen AG for two years.
The decision jeopardized a $ 2.6 billion battery factory 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.