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Biden welcomes settlement between South Korean firms on electric battery dispute

1 minute read

U.S. President Joe Biden on Sunday welcomed a settlement between South Korean battery makers LG Energy Solution and SK Innovation Co (096770.KS) over electric-vehicle (EV) battery technology, saying it would help create jobs for American workers.

The settlement came hours before a Sunday deadline for Biden to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC) that could have shuttered a new $2.6 billion SK battery plant in Georgia.

"This settlement agreement is a win for American workers and the American auto industry," Biden said in a statement, adding that it would help ensure that the United States had a strong, diversified U.S.-based electric vehicle battery supply chain.

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