Sunday, 11 Apr 2021 11:40 PM MYT
The deal between industrial giants SK Innovation and LG Energy Solution was also seen as a victory for Biden as he presses for a quick embrace of electric vehicles as a key element in combating climate change. Under the last-minute resolution of the trade-secrets dispute, SK Innovation will provide LG Energy Solution with a total of US$1.8 billion and an undisclosed royalty, the companies said in a joint agreement.
“We have decided to settle and to compete in an amicable way, all for the future of the US and South Korean electric-vehicle battery industries,” said Jun Kim, who heads SK, and Jong Hyun Kim, his counterpart at LG Energy.
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