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

India, France Hold Nuclear Talks

The meeting, held on Monday, reviewed progress in bilateral civil nuclear cooperation and explored avenues to deepen the strategic partnership…reports Asian Lite News India and France convened the second meeting of their

Trump to Meet Pak PM at UNGA

The US President has already engaged with Pakistan’s military leadership, having hosted Army Chief Asim Munir for a lunch meeting in June….reports Asian Lite News The White House announced on Monday that

EU’s Kallas Calls India ‘Reliable’ Partner

The EU said its closer partnership with India is increasingly becoming vital in the wake of the shifting geopolitical realities…reports Asian Lite News European Union’s top diplomat Kaja Kallas has reaffirmed that

Rubio Calls India ‘Critical’ to US

Rubio “expressed his appreciation for the Indian government’s continued engagement on a number of issues including trade…reports Asian Lite News US Secretary of State Marco Rubio has described India as “critically important”
Go toTop

Don't Miss

‘We’re always here’: Garcetti highlights India-US friendship

Garcetti emphasized that India’s challenges are for Indians and their

US focuses on China’s growing challenge over West Pacific

US forces are also observing the “increased tempo” of longer-range