Korean battery corporations set to announce deal to resolve U.S. commerce dispute

by akoloy

© Reuters. FILE PHOTO: The brand of LG Chem is seen at its workplace constructing in Seoul

WASHINGTON (Reuters) – Korean battery makers LG Chem and rival SK Innovation Co are anticipated to announce a settlement on Saturday in a commerce secrets and techniques dispute that has threatened a key Georgia plant and the electrical car plans of Ford Motor (NYSE:) Co and Volkswagen AG (OTC:), three sources briefed on the matter stated.

The Biden Administration faces a Sunday night time deadline on whether or not to take the uncommon step of reversing a U.S. International Trade Commission determination. The ITC in February sided with LG Chem in its commerce secrets and techniques claims, however allowed SK to import parts for batteries for Ford’s EV F-150 program for 4 years, and Volkswagen (DE:)’s North American EVs for 2 years. SK vowed to stroll away from its $2.6 billion Georgia battery plant beneath building if the ITC determination was not overturned.

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