Tuesday, Jun 6, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Lg Sk Reach Last Minute Settlement In Us Battery Dispute

LG, SK reach last-minute settlement in US battery dispute

The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford

By IANS
Published Date - 10:07 AM, Sun - 11 April 21
LG, SK reach last-minute settlement in US battery dispute
whatsapp facebook twitter telegram

Seoul: Two Korean battery makers LG Energy Solution Ltd and SK Innovation — have reached a settlement in a trade secrets dispute in the US, company officials said on Sunday, hours before a deadline for an import ban on SK.

The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford and Volkswagen to give them time to find new suppliers.

Their settlement averts the import ban, which was set to take effect unless President Joe Biden vetoes the ITC decision before the Sunday night deadline.

LG, which supplies Tesla and a number of automakers, is the world’s No. 2 EV battery supplier with a share of 23.5 per cent, and SK Innovation was in sixth place with a 6 per cent share in the global EV market last year, according to SNE Research.

The two companies will jointly announce the results of the settlement later in the day, officials of the companies said.

Their compromise will allow SK to complete the construction of the $2.6 billion electric vehicle battery plant in Georgia, which will supply electric vehicle batteries for Ford and Volkswagen, reports Yonhap news agency.

SK earlier said it could shut down the Georgia plant if the import ban is not overturned, which could hamper the Biden administration’s EV push and pledge for American jobs.

SK has claimed that it does not need LG’s trade secrets as its development and manufacturing method for EV batteries is different from its rival and that it received an unfavuorable ITC ruling due to destruction of evidence.

In the run-up to the settlement, the Korean rivals made intensive lobbying efforts in the U.S. to grab a greater share of the rising battery market as the Biden administration pushes to accelerate the adoption of EVs.

LG Energy Solution, wholly owned by LG Chem Ltd, operates a lithium-ion battery factory in Michigan and is building a new factory in Ohio through its joint venture with US automaker General Motors, which will be completed in 2022.

Last month, LG Energy Solution said it will invest 5 trillion won ($4.5 billion) by 2025 to expand its battery production capacity in the US.

  • Follow Us :
  • Tags
  • Korean
  • LG Energy Solution Ltd
  • Seoul
  • SK Innovation

Related News

  • Destination USA: Short-term study programmes in the US

    Destination USA: Short-term study programmes in the US

  • AI-controlled drone ‘kills’ its human operator in simulated test in US

    AI-controlled drone ‘kills’ its human operator in simulated test in US

  • Indo-Canadian charged with laundering bitcoin worth over $24 mn in US

    Indo-Canadian charged with laundering bitcoin worth over $24 mn in US

  • US, Saudi Arabia call for warring sides in Sudan to extend ‘imperfect’ cease-fire

    US, Saudi Arabia call for warring sides in Sudan to extend ‘imperfect’ cease-fire

  • F-16s to Ukraine would be ‘unacceptable escalation’, warns Russia

    F-16s to Ukraine would be ‘unacceptable escalation’, warns Russia

  • Rewind: Debt ceiling and a hanging deal

    Rewind: Debt ceiling and a hanging deal

Latest News

  • Srikakulam: 19 hurt in bus mishap

    23 seconds ago
  • Hyderabad: Woman dies of electrocution trying to rescue child

    3 mins ago
  • Telangana has special place in industrial progress among India: Puvvada

    18 mins ago
  • HMDA begins beautification on Narsingi–Kokapet stretch

    27 mins ago
  • CM KCR inaugurates BRS office in Nagarkurnool

    32 mins ago
  • ‘Vimanam’ is made with a universal emotional point that will connect to everyone, says veteran director K Raghavendra Rao

    57 mins ago
  • Delhi HC restrains Dabur from airing WhatsApp ad on Amla Hair Oil

    1 hour ago
  • TMI Group launches Centre of Excellence on People Performance

    1 hour ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam