After two years of litigation and the threat of a ban on US operations, SK Innovation has now managed to cut a deal with LG Energy Solutions, a division of LG Chem. The two South Korean battery makers had been involved in a heated dispute that found SK Innovation had breached trade secrets laws; it would be banned from producing electric vehicle (EV) batteries in the US for ten years. Just a month after that court ruling, SK Innovation has now agreed to pay LG Energy Solution US$1.8bn to put the issue to rest.
The settlement has wider implications for the US industry by allowing…
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