Korean battery firms set to announce deal to resolve U.S. trade dispute

Korean battery firms set to announce deal to resolve U.S. trade dispute

© Reuters. FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul

WASHINGTON (Reuters) – Korean battery makers LG Chem and rival SK Innovation Co are expected to announce a settlement on Saturday in a trade secrets dispute that has threatened a key Georgia plant and the electric vehicle plans of Ford Motor (NYSE:) Co and Volkswagen AG (OTC:), three sources briefed on the matter said.

The Biden Administration faces a Sunday night deadline on whether to take the rare step of reversing a U.S. International Trade Commission decision. The ITC in February sided with LG Chem in its trade secrets claims, but allowed SK to import components for batteries for Ford’s EV F-150 program for four years, and Volkswagen (DE:)’s North American EVs for two years. SK vowed to walk away from its $2.6 billion Georgia battery plant under construction if the ITC decision was not overturned.

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