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

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural communities The United Arab Emirates and Egypt reaffirmed their strong

‘UAE leads global fight against plastic waste’

UAE accelerates its fight against plastic pollution with a bold single-use plastic ban and expanded environmental policies to safeguard natural ecosystems for future generations The United Arab Emirates continues to lead the

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and vulnerable groups As the humanitarian crisis in Gaza intensifies, the

Prayers on the Mount

The Day of Arafat, considered the pinnacle of the Hajj pilgrimage, witnessed a congregation of believers from around the world As the sun blazed overhead and temperatures climbed to a sweltering 41°C,

EID MUBARAK!

UAE marks Eid Al Adha with housing support, children’s gifts, pardons, and cultural celebrations, reflecting a national spirit of compassion, unity, and shared community values Across the UAE, Eid Al Adha is
Go toTop

Don't Miss

Report reveals China’s deep role in UNESCO

The report by Ij-Reportika also sheds light on China’s rising

US-France competition heats up for jets on INS Vikrant

INS Vikrant has been built with high degree of automation