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


© 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 automobile plans of Ford Motor (NYSE:) Co and Volkswagen AG (OTC:), three sources briefed on the matter mentioned.

The Biden Administration faces a Sunday evening deadline on whether or not to take the uncommon step of reversing a U.S. Worldwide Commerce Fee choice. The ITC in February sided with LG Chem in its commerce secrets and techniques claims, however allowed SK to import elements 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 choice was not overturned.

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