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Biden declares South Korean battery maker deal a win for U.S. electric vehicle production - CNBC
Apr 11, 2021 48 secs

The settlement over a trade secrets dispute between LG Energy Solution and SK Innovation Co.

The settlement is a major win for the Biden administration, which recently unveiled a sweeping infrastructure plan that includes $174 billion in spending to boost the electric vehicle market and shift away from gas-powered cars.

"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.

If no settlement was reached, the Biden administration may have had to overrule the ITC in order to allow SK Innovation to build the plant.

Jong Hyun Kim, CEO of LG Energy Solution, and Jun Kim, CEO of SK Innovation, said in a joint statement that the firms would "compete in an amicable way, all for the future of the U.S.

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