- The report added that spokeswoman at SK Innovation said that the company has been consulting with experts to discuss ways to withdraw it’s battery business from the United States
- U.S. International Trade Commission (ITC) last month sided with LG, issuing a limited 10-year exclusion order prohibiting imports into the United States of SK’s lithium-ion batteries
As per a report by Reuters, South Korea’s SK Innovation Co Ltd said that it is is considering all options including pulling its battery business out of the United States if President Joe Biden does not overturn a trade panel’s decision against it by 11th April. The report added that spokeswoman at SK Innovation said that the company has been consulting with experts to discuss ways to withdraw it’s battery business from the United States.
The report added that she said that the company is reviewing options to move our U.S. battery production to Europe or China, which would cost them tens of billions of won. SK Innovation and LG Chem’s wholly owned battery division, LG Energy Solution, have been caught in a dispute over claims SK misappropriated trade secrets related to electric vehicle battery technology.
Limited 10-year exclusion order prohibiting imports into the United States of SK’s lithium-ion batteries
The report added that the U.S. International Trade Commission (ITC) last month sided with LG, issuing a limited 10-year exclusion order prohibiting imports into the United States of SK’s lithium-ion batteries. That ruling would become invalid if the two companies agree a settlement. The ITC ruling against SK can also be overturned by Biden
The report added that SK has warned it would be forced to halt construction of a $2.6 billion battery plant in the state of Georgia if Biden does not use a 60-day presidential review period to overturn the decision.Last week, SK filed a motion to the ITC requesting it not enforce its February ruling, calling the orders “catastrophic”, said the report.
SK said in a filing that the Commission’s orders destroy the economic viability of SK’s investment in battery production in Georgia. It will rationally and inevitably lead to its abandonment. The ITC ruling allowed some exemptions, permitting SK to import components for domestic production of batteries for Ford’s EV F-150 program for four years, and for Volkswagen America’s MEB electric vehicle line for two years, said the report.