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| Electric vehicle manufacturers in the US are breathing a sigh of relief |
After LG Energy and SK Innovation reached a final compromise in the intellectual property war, US electric car makers breathed a sigh of relief, which could seriously damage Ford and Volkswagen's plans to build electric cars in the United States.
In February, the US International Trade Commission imposed a 10-year import ban on SK Innovation. The ban is expected to go into effect on Sunday after the company illegally acquired the technology from rival LG Energy.
The ban might cut the automaker's battery supplies to SK Innovation Georgia, but the deal keeps the company's plan on schedule.
Under the agreement, SK Innovation will distribute 1.8 billion US dollars (2 trillion won) in cash and proceeds to LG Energy.
"We are working together to strengthen the battery network and the Biden government's environmental policy," said South Korean electric vehicle battery manufacturers in a joint statement.
"We are helping South Korea and the United States develop the electric vehicle battery industry through healthy competition and friendly cooperation," she said.
The settlement agreement prevents the United States from banning the import of SK Innovation batteries, which is a problem for the Biden administration because if President Biden wants to protect battery supplies without an agreement, he should consider the decision to bypass that. International Trade Center.
The dispute threatens the construction of the $ 2.6 billion SK Innovation plant in Georgia that will supply products for Ford and Volkswagen and is seen as the key to the development of the industry and the largest investment in Georgia's global history.
Last month, SK Innovation promised that US ITC's decision to support LG Chem would withdraw from the Georgia facility if not reversed.
If LG Energy and SK Innovation did not sign the ceasefire agreement, Ford and Volkswagen would have time to change suppliers, but Ford and Volkswagen are not prepared to solve the problem.
Ford and Volkswagen are ramping up their electric vehicle projects, including expanding production to early models like the Mustang Mach-E and ID.4, as well as electrifying other models.
Finding new battery suppliers could put projects on hold like this for months, not to mention give Tesla another chance to move forward.
President Biden said in a statement that the settlement agreement benefits American workers and the American auto industry, and the bulk of my best rebuilding plan is that Americans will build electric cars of the future in the United States and the United States. States, car and battery. Workers.
"In the United States, we need a strong, diversified and flexible supply chain of EV batteries to meet the growing global demand for these vehicles and parts," he added.