Two big South Korean electric vehicle battery makers have settled a long-running trade dispute. As a result, one of the companies will proceed with plans to manufacture batteries in Georgia.
For President Biden, this is a win for American workers and the American auto industry.
The agreement between LG Energy Solutions and SK Innovation goes hand in hand with Biden’s clean-energy agenda, which includes a rapid increase in the number of electric vehicles in the U.S.
According to KTVU, the two companies agreed to withdraw all pending trade disputes in the U.S. and South Korea, with SK providing LG Energy with $1.8 billion and an undisclosed royalty.
"We have decided to settle and to compete in an amicable way, all for the future of the U.S. and South Korean electric vehicle battery industries," said Jun Kim, CEO and president of SK, and Jong Hyun Kim, CEO, and president of LG Energy.
The companies said they will work together on strengthening the EV battery supply chain in the U.S.
They are ready to back the Biden administration’s clean energy policies, which include electric vehicles.
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