The Ford F-150 Electric, potentially the most formidable rival to upcoming vehicles such as the Tesla Cybertruck and the Rivian R1T, has almost procured its battery supply. This was thanks to some recent settlement accomplished by South Korean battery manufacturers SK Innovation and LG Chemthat efficiently eliminated a 10-year ban on SK’therefore imports.
SK Innovation and LG Chem happen to be involved in a bitter legal dispute over LG’s accusation that SK had stolen its battery manufacturing secrets. LG Chem argued that SK Innovation hired over 70 of its former employees to get sensitive information regarding battery production procedures, subsequently destroyed important evidence to insure its tracks.
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According to LG Chem, SK Innovation’s alleged theft enabled the enterprise to receive billions of dollars worth of contracts from several automakers, including Volkswagen and Ford, for high powered vehicles such as the Ford F-150 Electric. The International Trade Commission (ITC) ruled in favour of LG, imposing a 10-year import ban on SK. According to a current NPR report, however, both South Korean battery providers have lately reached a settlement.
Under the terms of the settlement, the SK Innovation would cover $1.8 billion in cash and exemptions to LG. Both companies also have agreed not to sue each other for another decade. With this in mind, SK could finish assembling its US facilities, such as a plant in Commerce, GA, which could be providing batteries to Ford and Volkswagen.
US President Joe Biden has since issued an announcement about SK Innovation and LG Chem’s compensation, calling the agreement a “triumph for American workers and the American Automobile industry. ” According to Biden, the nation requires a dependable and solid supply chain to reach the US’ sustainability goals efficiently, and procuring the battery source for crucial electric vehicles is a substantial step in this direction.
“A key part of my strategy to Build Back Better would be to get the electric batteries and vehicles of the future built here in America, all over America, by American employees. We are in need of a solid, diversified and resilient US-based electric vehicle battery supply chain, thus we are able to provide the growing worldwide demand for these vehicles and components — producing good-paying jobs here at home, and laying the groundwork for the jobs of tomorrow’s Now ’s settlement is a positive step in this direction, which will bring some welcome relief to employees in Georgia and new chance for employees throughout the nation,” the US President mentioned.
The CEOs of both SK and LG also have published a joint statement regarding the settlement, stating that they would “function to assist the evolution of EV battery industry in South Korea and the US through healthy competition and friendly cooperation. ”
While the specs of this Ford F-150 Electric have not been declared by the veteran automaker yet, its existence at the EV pickup market would probably create the segment more exciting. With this kind of a large fish at the fray, in the end, vehicles out of new businesses such as the Tesla Cybertruck and the Rivian R1T, in addition to pickups from veteran automakers such as the GMC Hummer EV and the Chevy Silverado Electric, will probably have their hands full with some wholesome competition.
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