President Biden
Joe BidenBiden eyes bigger US role in global vaccination efforts Trump says GOP will take White House in 2024 in prepared speech Kemp: Pulling All-Star game out of Atlanta will hurt business owners of color MORE on Sunday praised news of a settlement between two South Korean electric vehicle battery makers engaged in a costly trade dispute, calling it a "win for American workers and the American auto industry."
"We need a strong, diversified and resilient U.S.-based electric vehicle battery supply chain, so we can supply the growing global demand for these vehicles and components – creating good-paying jobs here at home, and laying the groundwork for the jobs of tomorrow," Biden said in a statement following reports that LG Energy Solution and SK Innovation Co had settled an intellectual property dispute.
According to Bloomberg, that dispute could have resulted in a lengthy ban on imports of SK's batteries that would have threatened the U.S. electric vehicle industry as well as thousands of jobs at an SK plant in Georgia.
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"Today’s settlement is a positive step in that direction, which will bring some welcome relief to workers in Georgia and new opportunity for workers across the country," Biden added.
Bloomberg noted that SK will pay LG roughly $1.8 billion in the form of cash and royalties.
The settlement averts a ban imposed on SK's batteries by the U.S. International Trade Commission in February that sparked calls from U.S. automakers for the two companies to reach an arrangement.
“A voluntary settlement between these two suppliers is ultimately in the best interest of U.S. manufacturers and workers,” said the CEO of Ford, Jim Farley, in a tweet at the time.
While we’re pleased the ITC ruling makes way for @Ford to bring to market our groundbreaking electric F-150, a voluntary settlement between these two suppliers is ultimately in the best interest of US manufacturers and workers. https://t.co/h8aIoTz7xq
— Jim Farley (@jimfarley98) February 11, 2021
Bloomberg reported that Sunday's settlement followed weeks of near-constant meetings between representatives from both companies and U.S. officials from multiple agencies, as well as Georgia's two newly elected senators, Raphael Warnock
Raphael WarnockGeorgia lawmaker arrested while governor signed election bill won't be prosecuted Democrats see opportunity as states push new voting rules Texas governor refuses to throw first pitch over MLB stance on Georgia MORE (D) and Jon Ossoff
Jon OssoffMemo to millennials: Don't be mad at us Group launches M campaign against legislators who back 'suppression of voting rights' Republicans commit to taking lowest road MORE (D).
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April 11, 2021 at 08:05PM
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