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In a victory for Biden, two South Korean battery makers have reached a last-minute $1.8 B settlement of a trade secrets case that clears way to supply Ford & VW electric vehicles from new plants in Georgia https://t.co/BqtcT5N7G1 …
Scaling production of EVs in the U.S. will require a ramp-up in domestic battery production. Now there’s good news on that front. A battery factory in Georgia can move forward after LG Energy Solution and SK Innovation (South Korean companies), two of the world’s biggest electric vehicle battery manufacturers, settled a dispute. SK will pay LG $1.8 billion in cash and royalties because the U.S. International Trade Commission ruling that barred SK from making batteries in the U.S. because they stole LG’strade secrets. “This settlement agreement is a win for American workers and the American auto industry,” President Biden said in a statement.
Why This Matters: The dispute threatened U.S. production of EVs. SK has contracts to produce batteries for electric Ford F-150 pickup trucks and Volkswagen SUVs but without the Georgia plant they would have been “scrambling for batteries,” the AP reported. The Biden administration’s infrastructure plan calls for $174 billion in electric vehicle incentives, including developing a U.S.-based supply chain. Ford Motors hailed the settlement, saying it “allows us to focus on delivering a range of Ford world-class battery electric vehicles for our retail and fleet customers, while also supporting American workers, the economy and our shared goal of protecting the planet.″
As Vox writes, “if the US can pull off electrification of its greatest contributor to climate change, it bodes well for decarbonizing the rest of the economy.” The support for EVs is strong: half of Americans would support their state requiring all cars sold by 2035 to be zero-emission, according to a 2020 YouGov poll. Beyond the price point, people’s biggest concerns revolve around the time, cost, and ease of charging.
Even Georgia’s Republican Governor Brian Kemp has been heavily in favor of keeping SK’s planned operations in his state. As the Atlanta Journal-Constitution wrote, “Georgia handed over a huge package of economic incentives to SK to win the project. The state provided grants, free land and other incentives that totaled about $300 million so long as the projects lived up to economic development promises.”
By Amy Lupica, ODP Daily Editor Just weeks after China’s coal ambitions brought tensions to climate talks between US Climate Envoy John Kerry and Chinese officials, President Xi Jinping pledged to end all its financing of coal-fired projects abroad and allocate more funding to green and low-carbon energy projects in developing nations. The move represents […]
By Amy Lupica, ODP Daily Editor A new report has found that since the 2015 signing of the Paris agreement, more than 75% of the world’s planned coal plant projects have been scrapped, and 44 countries have no future coal plans whatsoever. The report’s authors hope this trend will continue as the COP26 conference in […]
By Amy Lupica, ODP Daily Editor The House Ways and Means Committee has released their portion of the reconciliation for the Democrats’ $3.5 trillion spending package. The plan follows through on many promises made by the Biden administration, including clean energy tax credits and credits for electric vehicle owners. The plan, announced on the heels […]
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