Electric cars battery manufacturer SK Innovation has reached an agreement with US authorities in a trade dispute with Asia. SK must pay $1.8 billion in royalties to LG to trade in the United States, according to Bloomberg.
In the agreement between the companies, the main point was “working together to develop the battery industry for electric cars in South Korea and the United States through healthy competition and friendly cooperation.” Through cooperation, they plan to improve the environmental and economic aspects of battery production in both countries.
In February, the American Trade Commission banned the import of SK Innovation products into the United States for 10 years. The reason for the ban was that SK illegally got hold of the technology of a competitor in the person of LG. This state of affairs would have limited Ford and Volkswagen to produce their own electric vehicles, but now the Georgia plant will provide manufacturers with the parts they need.