President Biden declared victory for US workers on Sunday after two Korean manufacturers of electric vehicle batteries reached a settlement agreement that paved the way for production at a $ 100 billion plant in Georgia.
LG Energy Solution and SK Innovation reached an agreement last weekend, addressing Biden’s need for a February decision by the US International Trade Commission, which would ban SK from importing, manufacturing or selling the batteries in the US for ten years out of the way, out of the way. The decision could make it difficult for Ford and Volkswagen, which deal with SK, as well as the $ 2.6 billion facility in Commerce, Georgia, which is expected to support 2,600 full-time jobs.
“This settlement agreement is a victory for American workers and the American automotive industry,” Biden said in a statement. “An important part of my plan to build better is to have the electric vehicles and batteries of the future built here in America, across America, by American workers.”
PRAYER ADMINISTRATION, US corporations together with Georgia as China
If the two companies had not reached an agreement, Biden would have had time until Sunday night to destroy the ITC decision, which came after SK was accused of stealing 22 trade secrets from LG.
FILE – This file on October 26, 2017 shows the corporate logo of LG Electronics in Goyang, South Korea. (AP Photo / Lee Jin-man, file) ((AP Photo / Lee Jin-man, file))
Biden stresses the importance of the agreement, not only for the Georgia economy, but also for the US as a whole.
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‘We need a strong, diversified and resilient US-based electric vehicle battery supply chain so that we can meet the growing global demand for these vehicles and components. We can create well-paid jobs here at home and lay the foundation for tomorrow’s work, ‘the president said. “Today’s settlement is a positive step in that direction, which will provide workers in Georgia with welcome relief and new opportunities for workers across the country.”
Biden continues with its economic plan, focusing on green technologies and climate issues.
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“My U.S. Jobs Plan will help build that momentum, create millions of new jobs, support a stronger U.S. automotive industry, and ensure we win the electric vehicle markets of the future,” he said.
The Associated Press contributed to this report.