Biden: "SK·LG Dispute Settlement, a Victory for the US Auto Industry" (Update)

[Asia Economy Reporter Lim Hye-sun] U.S. President Joe Biden (photo) praised the settlement of the battery dispute between LG Energy Solution (LG Chem) and SK Innovation in a statement, calling it a "victory for American workers and the automotive industry."

In a statement on the 11th (local time), President Biden said, "The core of the 'Build Back Better' plan is for future electric vehicles and batteries to be made across the United States by American workers."

President Biden emphasized, "We need a strong, diversified, and resilient U.S.-based electric vehicle battery supply chain that can supply the globally increasing demand for electric vehicles and related parts, create well-paying jobs domestically, and lay the foundation for future jobs," adding, "Today's agreement is a positive step in that direction."

He added, "Based on this momentum, my 'American Jobs Plan' will create millions of new jobs, support a stronger American automotive industry, and help us win in the future electric vehicle market."

LG Energy Solution and SK Innovation announced on the same day that they agreed to settle the battery dispute for a total of around 2 trillion won, including 1 trillion won in cash and 1 trillion won in royalties. They also decided to end all ongoing lawsuits both domestically and internationally. According to the agreement, SK, which infringed on trade secrets, will pay LG 2 trillion won.

This content was produced with the assistance of AI translation services.