South Korea EV battery makers reach settlement in US trade dispute

Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

South Korean electric-vehicle battery makers SK Innovation and LG Energy Solution have reached a settlment in a US trade dispute, Bloomberg reported. Under the terms of the agreement, SK will pay $1.8 billion (2 trillion won) in cash and royalties to LG.

In a joint statement the companies said they would “work to help the development of EV battery industry in South Korea and the US. through healthy competition and friendly cooperation,” adding that they would “work together to strengthen the battery network and environmentally-friendly policy that the Biden administration is pursuing.”

In February, the US International Trade Commission imposed a 10-year import ban on SK Innovation— due to take effect Sunday— following allegations it…

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