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Korean battery companies are set to announce agreements to resolve US trade disputes

© Reuters. FILE PHOTO: LG Chem logo is seen at its office building in Seoul

WASHINGTON (Reuters) – South Korean battery manufacturers LG Chem and rival SK Innovation Co are expected to announce a settlement on Saturday in a trade secret dispute threatening a key plant in Georgia and The electric vehicle plans of Ford Motor (NYSE 🙂 Co and Volkswagen AG (OTC :), three sources briefed on the matter said.

The Biden administration faced a Sunday night deadline on whether to take the rare step of reversing the U.S. International Trade Commission’s decision. ITC in February sided with LG Chem in its trade secret statements, but allowed SK to import battery components for Ford’s EV F-150 program for four years and EV in North America. Volkswagen (DE 🙂 for two years. SK announced it would leave the $ 2.6 billion Georgia battery plant under construction if the ITC’s decision is not overturned.

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