Biden welcomes settlement between South Korean firms on electric battery dispute

U.S. President Joe Biden on Sunday welcomed a settlement between South Korean battery makers LG Energy Solution and SK Innovation Co over electric-vehicle (EV) battery technology, saying it would help create jobs for American workers. The settlement came hours before a Sunday deadline for Biden to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC) that could have shuttered a new $2.6 billion SK battery plant in Georgia.

"This settlement agreement is a win for American workers and the American auto industry," Biden said in a statement, adding that it would help ensure that the United States had a strong, diversified U.S.-based electric vehicle battery supply chain.