Biden praises settlement of dispute between electric vehicle battery makers

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President BidenJoe Biden Biden envisions greater U.S. role in global vaccination efforts Trump says GOP will take White House in 2024 in prepared speech Kemp: Taking All-Star Gambling Out of Atlanta Will Hurt Business Owners the color PLUS Sunday, hailed the news of a settlement between two South Korean electric vehicle battery makers engaged in a costly trade dispute, calling it “a victory for American workers and the American auto industry.”
“We need a strong, diverse and resilient US-based electric vehicle battery supply chain, so that we can meet the growing global demand for these vehicles and components – creating well-paying jobs here at us and laying the foundation for the jobs of tomorrow. Biden said in a statement following reports that LG Energy Solution and SK Innovation Co had settled an intellectual property dispute.

According to Bloomberg, the dispute could have resulted in an extended ban on imports of SK batteries that threatened the U.S. electric vehicle industry as well as thousands of jobs at an SK plant in Georgia.

“Today’s settlement is a positive step in that direction, which will bring welcome relief to workers in Georgia and a new opportunity for workers across the country,” Biden added.

Bloomberg noted that SK would pay LG around $ 1.8 billion in cash and royalties.

The regulation overturns a ban on SK batteries by the U.S. International Trade Commission in February, which sparked calls from U.S. automakers for the two companies to reach a deal.

“A voluntary settlement between these two suppliers is ultimately in the best interests of American manufacturers and workers,” Ford CEO Jim Farley said in a tweet at the time.

Bloomberg reported that Sunday’s settlement followed weeks of near-constant meetings between representatives of the two companies and U.S. officials from several agencies, as well as the two newly elected senators from Georgia, Raphael WarnockRaphael Warnock Georgia lawmaker arrested as governor signed election bill will not be prosecuted Democrats see opportunity as states impose new voting rules Texas governor refuses to take first step on election bill MLB on Georgia LEARN MORE (D) and Jon OssoffJon OssoffMemo to Millennials: Don’t Be Angry With Us Group Launches M Campaign Against Lawmakers Supporting “Elimination of Voting Rights” Republicans pledge to take the lowest path (RE).

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