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

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 Co and Volkswagen AG , 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.

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 Co and Volkswagen AG, 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'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.