Deal between Korean battery firms is a big lift for US EV makers
CNN
Two major makers of lithium batteries used for electric vehicles have reached a deal on an intellectual property dispute that threatened to curtail the supply of batteries needed to step up US production of EVs.
The deal reached Sunday between South Korean companies LG Energy Solution and SK Innovation will have SK pay LG 2 trillion Korean won, or $1.8 billion, apportioned into lump-sum payments and a running royalty. The deal also means that SK can continue to build a battery plant now under construction in Commerce, Georgia, that is expected to bring 2,600 jobs. The plant is slated to produce batteries for the electric version of the Ford F-150 and a Volkswagen EV to be built at its plant in Chattanooga, Tennessee.More Related News