LG Energy Solution Partners With South Korean EV Battery Maker as US 10-Year Import Ban Nears

South Korea's SK Innovation decided to partner with LG Energy Solution to prevent the upcoming U.S. electric vehicle battery import ban. However, the giant manufacturer needs to pay around $1.8 billion or 2 trillion won in royalties and cash to LG.

This ban is expected to take effect on Sunday, Apr. 18. This was created after SK Innovation was accused of illegally using the EV battery technology from LG, which is also its rival.

And now, since SK Innovation will partner with LG Energy Solution, the upcoming import ban could be dismissed since the accusation will be rendered invalid. This will also allow the South Korean manufacturer to provide EV batteries to Volkswagen and Ford.

LG and SK Innovation's previous issue

Before the two tech giant manufacturers decided to collaborate, they had a major issue. LG recently accused SK Innovation of stealing the important information about its electric car batteries, which worth billions of dollars.

However, the South Korean company denied the accusation, claiming that it didn't receive any information from the employees it hired. This was a major concern since SK Innovation hired workers that were from LG. If you want to know further details, all you need to do is click here.

For more news updates about SK Innovation and other EV battery manufacturers, always keep your tabs open here at TechTimes.

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Written by: Giuliano de Leon