Biden Sees 'Win' for US In Electric Vehicle Battery Deal
Biden is welcoming the settlement of a trade secret dispute between two South Korean companies that make batteries for electric vehicles. As Johnny Kauffman of member Station W. A B reports the settlement has major implications for the U. S electric vehicle industry, especially in Georgia. SK Innovation will pay Algae cam Nearly $2 billion is part of the settlement. The deal came before President Biden faced a deadline to act on a ruling from the U. S International Trade Commission that blocked SK from doing new battery business in the country. For a decade, Biden has made growing the electric vehicle industry a key part of his $2 trillion infrastructure plan. The commission ruled the Korean Corporation destroyed evidence in a trade secrets case. Georgia politicians were worried because SK is building a massive battery plant in the state that will likely employed thousands.