South Korean battery maker LG Chem and rival SK Innovation Co reportedly have settled their trade secret fight.
What Happened: On Saturday, Korean battery makers LG Chem Ltd. and rival SK Innovation Co. reached a last-minute deal to avert a 10-year U.S. import ban on SK Innovation’s products, Bloomberg reports, citing people familiar with the case.
LG Chem and SK Innovation are both suppliers of electric vehicle batteries in the U.S. for Ford Motor Company (NYSE: F) and Volkswagen Group (OTC: VWAGY).
Why It Matters: In February, the U.S. International Trade Commission banned SK Innovation’s batteries from the U.S. for 10 years.
LG Chem had accused SK Innovation of stealing its battery-making secrets to get orders from the automakers.
However, the ITC for the time being allowed SK to continue importing components for batteries for Ford’s EV F-150 program for four years and Volkswagen’s North American EVs for two years.