If President Joe Biden does not intervene by April 11, SK Innovation may leave America and move battery production to Europe or China.
SK Innovation in South Korea issued a statement stating that if US President Joe Biden does not intervene by April 11th, they will have to consider all options, and They can also withdraw From America with the production of batteries.
The company is discussing with experts how it can implement this decline, and battery production in this case will be moved to Europe or China as part of an expensive operation.
SK Innovation and LG Chem have previously been involved in the controversy, previously accused of unfair handling of trade secrets related to electric vehicle battery technology. The US International Trade Commission (ITC) ruled in favor of LG Chem and imposed a 10-year limited ban on imports of SK’s lithium-ion batteries to America. However, the decision is void if agreed between the two parties.
The decision against SK Innovation, which also supplies Volkswagen, Ford and Hyundai, among others, could still be overridden by President Biden. If not, SK says it will have to boycott building a $ 2.6 billion battery plant in Georgia. According to SK, if the ITC decision remains in effect, it will have dire consequences for SK’s investment.
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