Biden sees `win' for US in electric vehicle battery deal
President Joe Biden calls it “a win for American workers and the American auto industry."
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Two big South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move ahead with plans to manufacture batteries in Georgia a person briefed on the matter said. President Joe Biden called it “a win for American workers and the American auto industry.”
LG Energy Solution and SK Innovation reached the settlement, ending the need for Biden to intervene in the dispute, the person said Saturday. The person spoke on condition of anonymity because the companies had not announced the settlement. No details were available.
The U.S. International Trade Commission decided in February that SK stole 22 trade secrets from LG Energy, and that SK should be barred from importing, making or selling batteries in the United States for 10 years.
The decision could have left Ford and Volkswagen scrambling for batteries as they both roll out additional electric vehicle models. SK has contracts to make batteries for an electric Ford F-150 pickup truck and an electric Volkswagen SUV.
The commission said SK could supply batteries to Ford Motor Co. for four years and to Volkswagen AG for two years.
The decision jeopardized a $2.6 billion battery factory that SK is building in Commerce, Georgia.
Politicians were calling on Biden to overrule the commission’s decision. Biden had until Sunday night to make a decision.
Biden said in a statement Sunday that building electric vehicles and the batteries needed for them is an important part of his $2.3 trillion infrastructure plan.
“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. Today’s settlement is a positive step in that direction,” Biden said.
___
Krisher reported from Detroit.