This Oct. 26, 2017 file photo shows the corporate logo of LG Electronics in Goyang, South Korea. Two South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move ahead with plans to make batteries in Georgia. That's according to a person briefed on the matter. The person says LG Energy Solution and SK Innovation reached the settlement, ending the need for President Joe Biden to intervene. - AP
SEOUL, April 11 (Bloomberg): Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter US trade dispute, sparing President Joe Biden from choosing between undermining intellectual property rights or dealing a politically toxic blow to his climate agenda.
SK Innovation Co. agreed to pay 2 trillion won (US$1.8 billion) to LG Energy Solution, a unit of LG Chem Ltd., according to a statement from the two companies. The payment is divided equally in cash and royalties, they said.
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