South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for U.S. EV ambitions.
The settlement after marathon talks by affiliates of two of South Korea’s biggest conglomerates was announced just hours before a Sunday night deadline for President Joe Biden’s administration to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC).
In a statement, Biden called the settlement “a win for American workers and the American auto industry…. We need a strong, diversified and resilient U.S.-based electric vehicle battery supply chain”.
The core dispute had threatened the EV plans of Ford Motor Co and Volkswagen AG , as well as a Georgia plant that is key to the growing industry.
The global auto industry is racing to develop EVs, and Biden has proposed spending $174 billion to hike their sales and expand charging infrastructure.
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