LG Energy Solution, the world’s largest producer of electric vehicle batteries, will invest more than $4.5bn in the US by 2025 to meet growing consumer demand for non-carbon emitting cars.
The announcement on Friday came just over a month after the US International Trade Commission ruled in the South Korean company’s favour in a dispute with domestic rival SK Innovation over the misappropriation of trade secrets.
The ITC imposed a 10-year ban on SK from importing components to make lithium-ion batteries. The decision dealt a blow to Ford and Volkswagen’s plans to build electric vehicles with SK batteries in the country, although the ruling granted the carmakers a grace period to find a new supplier.
SK has lobbied the White House to overturn the ban, which President Joe Biden must do within 60 days of the decision being made. The president could veto the ruling but a White House block on an ITC ruling would be extremely rare, according to industry officials.
LG…