"South Korean Battery Makers Reach Last-Minute Settlement"

"Deal will allow twin plants in Georgia to make batteries for Ford and VW electric vehicles"

"Two South Korean industrial giants have reached a last-minute, $1.8 billion global settlement of a trade secrets case that will allow a pair of new plants in Commerce, Ga., to move ahead with plans to supply batteries for Ford and Volkswagen electric vehicles.

The deal is a victory for President Biden, who has been eager to create jobs, build a U.S.-based supply chain for electric vehicles and move toward slowing climate change — all without taking sides in a dispute between the firms over intellectual property.

“This settlement agreement is a win for American workers and the American auto industry,” Biden said in a statement on Sunday. He said the United States needs “a strong, diversified and resilient U.S-based electric vehicle battery supply chain, so we can supply the growing global demand for these vehicles and components.""

Steven Mufson reports for the Washington Post April 11, 2021.

Source: Washington Post, 04/12/2021