Breakingviews - Capital Calls - U.S. EV deal is battery charged win

  • 4/12/2021
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WASHINGTON (Reuters Breakingviews) - PLUGGED IN. A last-minute deal between two South Korean battery makers will keep the White House’s electric-vehicle dreams humming. On Sunday, SK Innovation agreed to pay about $1.8 billion to LG Energy Solution to settle allegations it destroyed evidence and stole trade secrets. That saves SK’s $2.6 billion battery factory in Georgia and upholds the rule of law. A February decision by the U.S. International Trade Commission put President Joe Biden in a tough spot. It sided with LG and imposed a 10-year import ban, with caveats, on SK, which also hurt customers Ford Motor and Volkswagen. The commander-in-chief had until Sunday night to decide whether to make the rare move of overturning a commission ruling. The high stakes and threat of China helped cooler heads prevail. Almost 2,600 jobs will be created at the SK battery factory under construction. That helps Biden’s $174 billion plan to boost electric-vehicle sales and charging stations. Making a case based on economic growth and the Beijing bogeyman is also a good trial run for his $2 trillion infrastructure push. (By Gina Chon)

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