WASHINGTON (AP) – Two major South Korean manufacturers of electric vehicle batteries have settled a long-running trade dispute that will allow one of them to proceed with plans to make batteries in Georgia, says a person who informed the case .
LG Energy Solution and SK Innovation have reached the settlement, ending the need for President Joe Biden to intervene in the dispute, the person said on Saturday. The person asked not to be identified because the companies had not yet announced the settlement. No details were available.
The US International Trade Commission ruled in February that SK had stolen 22 trade secrets from LG Energy and that SK should be banned from importing, manufacturing or selling batteries in the United States for 10 years.
The decision could lead Ford and Volkswagen to abandon batteries, as both have expanded additional models for electric vehicles. SK has contracts to make batteries for an electric Ford F-150 pickup and an electric Volkswagen SUV.
The commission said SK could supply batteries to Ford Motor Co. for four years. and Volkswagen AG for two years.
The decision jeopardized a $ 2.6 billion battery factory being built by SK in Commerce, Georgia.
Politicians have called on Biden to reject the commission’s decision. Biden had until Sunday night to make a decision.
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Krisher reports from Detroit.