SK Innovation has threatened to pull its entire battery business out of the United States after the U.S. International Trade Commission issued a limited 10-year exclusion order prohibiting the importation of SK’s lithium-ion batteries into the States.
This ruling was made following assertions from LG Energy Solution that its rival had misappropriated trade secrets. LG is demanding SK to pay it up to 3 trillion won ($2.26 billion). If the two companies come to a settlement, it would make the ITC’s ruling invalid. Not willing to budge, SK Innovation has now called on President Joe Biden to overturn the ITC’s decision by April 11 or else it could leave the U.S. market entirely.
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