Hyperdrive
LG, SK Reach $1.8 Billion Settlement to End EV Battery Spat
- Shares of both companies rise in South Korea trading
- Settlement ends two-year legal dispute over trade secrets
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Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. 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 ($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.