April 12, 2021
2 mins read

Biden lauds Korean battery dispute settlement

SK Innovation agreed to pay 2 trillion won ($1.78 billion) to settle the dispute with LG Energy Solution and withdraw all their other pending litigations to end their two-year legal battle…reports Asian Lite News

https://www.youtube.com/watch?v=DfnkyO7mHvo

US President Joe Biden on Sunday hailed the settlement of an electric vehicle battery dispute between LG Energy Solution Ltd. and SK Innovation Co. as a “win for American workers and the American auto industry.”

SK Innovation agreed to pay 2 trillion won ($1.78 billion) to settle the dispute with LG Energy Solution and withdraw all their other pending litigations to end their two-year legal battle, the companies said earlier in the day.

“This settlement agreement is a win for American workers and the American auto industry,” Biden said in a statement posted on the website of the White House.

The president stressed that a key part of his plan to “Build Back Better” is to have electric vehicles and batteries of the future built in America and by American workers.

President Joe Biden (www.instagram.comwhitehouse)
Also read:Biden to curb US gun violence epidemic

“We need a strong, diversified and resilient U.S.-based electric vehicle battery supply chain, so we can supply the growing global demand for these vehicles and components — creating good-paying jobs here at home, and laying the groundwork for the jobs of tomorrow,” he said.

“Today’s settlement is a positive step in that direction, which will bring some welcome relief to workers in Georgia and new opportunity for workers across the country,” he added.

The two Korean battery makers announced the results of their agreement hours before the deadline for an import ban on SK, reports Yonhap news agency.

The U.S. International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford and Volkswagen to give them time to find new suppliers.

Their settlement averts the import ban, which was set to take effect unless Biden vetoed the ITC decision before the Sunday night deadline.

Also read:Biden to curb US gun violence epidemic

Previous Story

Afghans urges ceasefire during Ramadan

Next Story

Mns spent by Facebook for CEO security

Latest from -Top News

‘Agri Blockade’ Grips Dhaka

The protestors under the banner of the ‘Agricultural Diploma Student Rights Movement’ are demanding opportunities for higher education…reports Asian Lite News Another wave of protest has swept through Bangladesh, as agricultural diploma

Modi Pays Tribute to Pope Francis

Pope Francis, who had been suffering from respiratory ailments and pneumonia for a long time, passed away at 7:35 am on Monday…reports Asian Lite News Prime Minister Narendra Modi on Monday expressed

World Bids Farewell to Pope Francis

The leader of the Roman Catholic Church had been suffering from respiratory ailments and pneumonia….reports Asian Lite News Pope Francis passed away at the age of 88 at his residence in Casa

Cultural Start to US VP Vance’s India Tour

His arrival represents a major diplomatic engagement and the first visit to India by a sitting U.S. Vice President since Joe Biden’s trip in 2013….reports Asian Lite News U.S. Vice President J.D.

Wave of Vandalism Hits B.C. Temples

The temple was defaced with pro-Khalistan graffiti in what is now the third reported act of vandalism at the same site….reports Asian Lite News After the recent vandalism of a Gurudwara in
Go toTop

Don't Miss

US Vigilant Over ‘Omicron’ Threat

International travellers coming to the US will have to test

Trump blasts Biden in rare day on campaign trail

Donald Trump accused President Joe Biden of weaponizing the courts