Solution South Korean Battery Builders Relieve Military Trouble – Wel.nl

WASHINGTON (ANP / BLOOMBERG) – Two South Korean manufacturers of batteries for electric cars have settled a long-running dispute with a 1.5 billion solution. Joe Biden’s government, S.K. Innovation and LGC insisted on coming to an agreement because their fight affected his ambitions for the electrification of the US car fleet.

The International Trade Commission, the US fair international trade body, said in February that S.K. Innovation was punished by a ten-year ban on the import of its batteries into the United States. This follows complaints from rival LG Cem about stealing trade secrets for making batteries for electric cars. Now LG Cem is somewhat cash and somewhat SK. Resolves damages paid as innovator’s royalties.

The import ban plunged Joe Biden into a quandary. As part of the large-scale investment he has made in the U.S. economy, he has promised to do a lot to drive more people into electricity. In addition, there will be 6,000 jobs for endangered Americans in the state of Georgia, where S.K. Innovation planned production line for batteries for electric cars. Ford and Volkswagen have partnered with SK. They also pointed out that without innovative batteries the production of electric cars would be delayed.

U.S. Trade Ambassador Katherine Tai acknowledged that the deal was finalized after the government’s “significant involvement”. Biden had until Sunday to reverse the decision of the International Trade Commission. But it would have caused him to lose face on the world stage because it would erode patent protection. At the same time job losses in Georgia are politically significant. The seat of one of the two Democratic senators for the state will run in next year’s by-elections.