Biden praises settlement in dispute between manufacturers of batteries for electric vehicles

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President BidenJoe BidenBiden Sees Greater US Role In Global Vaccination Efforts Trump Says GOP Will Take White House In 2024 Prepared Speech Kemp: Getting All-Star Game Out Of Atlanta Will Hurt Business Owners Of Color More Sunday hailed the news of a settlement between two South Korean manufacturers of electric vehicle batteries 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 U.S. supply chain for electric vehicle batteries so that we can meet the growing global demand for these vehicles and parts – by creating well-paid jobs here at home and laying the foundation for the jobs of tomorrow. Biden said in a statement following reports that LG Energy Solution and SK Innovation Co had resolved an intellectual property dispute.

According to Bloomberg, that dispute could have resulted in a long-term import ban on SK batteries, which would have threatened the US electric car industry, as well as thousands of jobs at an SK factory in Georgia.

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

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

The settlement avoids a ban imposed by the U.S. International Trade Commission on SK’s batteries in February that led to calls from U.S. automakers that the two companies should reach a settlement.

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

Bloomberg reported that Sunday’s settlement followed weeks of near-constant meetings between representatives of both companies and U.S. officials from multiple agencies, as well as Georgia’s two newly elected senators. Raphael WarnockRaphael Warnock Georgia legislator arrested as governor signed election bill will not be prosecuted Democrats see opportunity as states push new voting rules Texas governor refuses to throw first pitch on MLB stance on Georgia MORE (Pine tree Jon OssoffJon Ossoff Memo to Millennials: Don’t Be Mad At Us Group Launches M Campaign Against Lawmakers Backing ‘Suffrage Suppression’ Republicans Commit To Take The Lowest Path MORE (D).

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