WASHINGTON (AP) – Two major South Korean battery manufacturers for electric vehicles have settled a long-running trade dispute that could allow one of them to make plans to make batteries in Georgia, a person briefed said.
LG Energy Solution and SK Innovation reached the settlement, ending the need for President Joe Biden to intervene in the dispute, the person said Saturday. The person has asked not to be identified because the companies have not yet announced the settlement. No details were available.
The US International Trade Commission decided in February that SK had stolen 22 trade secrets from LG Energy and that SK should be banned from importing, making or selling batteries in the United States for 10 years.
The decision could have prompted Ford and Volkswagen to look for batteries as they both roll out additional electric car models. SK has contracts to make batteries for an electric Ford F-150 pick-up truck and an electric Volkswagen SUV.
The commission said SK could supply batteries to Ford Motor Co. for four years. and to Volkswagen AG for two years.
The decision jeopardized a $ 2.6 billion battery factory that SK is building in Commerce, Georgia.
Politicians called on Biden to recant the committee’s decision. Biden had until Sunday evening to make a decision.
Krisher reported from Detroit.