SK Innovation and LG Energy Solution reach an agreement to close the ITC matter and all global and domestic litigation

12 April 2021, 06:08:51

SK Innovation and LG Energy Solution reach an agreement to close the ITC matter and all global and domestic litigationThis morning, SK Innovation announced that it has reached an agreement with LG Energy Solution to settle the U.S. ITC battery dispute on April 11th (KST). Under this agreement, all on-going litigation, including the ITC matter starting from April 2019, will be closed.

The two companies agreed that SK Innovation will provide LG Energy Solution a total of 2 trillion won (USD $1.8 billion) apportioned into lump-sum payments, and a running royalty. Further, they have agreed to withdraw all pending disputes in the United States and Korea, and not assert new claims for the next ten years.

"We have decided to settle and to compete in an amicable way, all for the future of the U.S. and South Korean electric vehicle battery industries,” said Jun Kim, CEO and President of SK Innovation, and Jong Hyun Kim, CEO and President of LG Energy Solution. “In particular, we will work together to strengthen an EV battery domestic supply chain and support the U.S. Biden Administration's effort to advance green energy policies and environmental responsibility."

"Lastly, we sincerely appreciate the Korean and U.S. government officials for their great efforts to reach an agreement," they added.

SK Innovation's statement:

"SK Innovation is grateful to the Korean and U.S. administrations and stakeholders for their efforts to resolve the battery dispute. We would like to express our deepest gratitude to Georgia residents, Governor Brian Kemp, Senators Warnock and Ossoff, the Georgia congressional leadership including Georgia’s state Senate and House of Representatives, as well as Jackson County and the city of Commerce for their steadfast support.

SK Innovation has made an important decision to move forward to lead the market based on our unique technological competitiveness in the fast-growing electric vehicle and electric vehicle battery industries. We are committed to the green policies and environmental responsibility pursued by the Biden Administration, as well as to the growth of the Georgia economy and job creation.

First and foremost, we are pleased to continue and further strengthen an on-going partnership with our customers including Ford and Volkswagen. We look forward to working with our customers, and once again thank them for their unwavering support.

As the agreement eliminates uncertainty about the operation and expansion of the U.S. battery business, SK Innovation plans to accelerate the stable operation of Plant 1 and construction of Plant 2 in Georgia. Also, in addition to our U.S. investments, SK Innovation plans to invest worldwide to reinforce the global electric vehicle industry.

SK Innovation will continue emphasizing ESG principles, and we look forward making a positive contribution to the local community."

Ford commented as follows:

"We are pleased that SK Innovation and LG Energy Solution have settled their differences. This 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."

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EV Specifications

Complete specifications of EVs, grouped according to their brand and year

AudiBMWBytonChevroletDaciae.GOFIATFordHondaHyundaiJaguarKIAMazdaMercedes-BenzMGMININIONissanOpelPeugeotPolestarPorscheRenaultRivianSEATŠKODAsmartTeslaVolkswagenVolvo

Featured

Specifications of some of the most interesting and anticipated EVs.

2022 BMW iX xDrive50

2022 BMW iX xDrive50

Doors: 5, Seats: 5
Length: 195.0 in / 4953 mm
Width: 77.4 in / 1967 mm
Height: 66.8 in / 1696 mm
Curb weight: 5379.28 lb / 2440 kg
Electric motor #1: 250 kW, 400 Nm, Location: Rear
Electric motor #2: 200 kW, 352 Nm, Location: Front
Battery: 111.5 kWh, Voltage: 330.3 V

2022 BMW i4 M50

2022 BMW i4 M50

Doors: 5, Seats: 5
Length: 188.3 in / 4783 mm
Width: 72.9 in / 1852 mm
Height: 57.0 in / 1448 mm
Curb weight: 5048.59 lb / 2290 kg
Electric motor #1: 230 kW @ 8000 - 17000 rpm, Location: Rear
Electric motor #2: 190 kW @ 8000 - 17000 rpm, Location: Front
Battery: 83.9 kWh, Voltage: 398.5 V

2022 Hyundai IONIQ 5

2022 Hyundai IONIQ 5 Long Range AWD

Doors: 5, Seats: 5
Length: 182.5 in / 4635 mm
Width: 74.4 in / 1890 mm
Height: 63.2 in / 1605 mm
Location: Rear
Location: Front
Battery: 72.6 kWh, Voltage: 800 V

2022 Hyundai IONIQ 5

2022 Hyundai IONIQ 5 Long Range RWD

Doors: 5, Seats: 5
Length: 182.5 in / 4635 mm
Width: 74.4 in / 1890 mm
Height: 63.2 in / 1605 mm
Electric motor: 160 kW, 350 Nm, Location: Rear
Battery: 72.6 kWh, Voltage: 800 V

2022 Chevrolet Bolt EUV

2022 Chevrolet Bolt EUV Launch Edition

Doors: 5, Seats: 5
Length: 169.5 in / 4305 mm
Width: 69.7 in / 1770 mm
Height: 63.6 in / 1616 mm
Curb weight: 3679.52 lb / 1669 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EUV

2022 Chevrolet Bolt EUV Premier

Doors: 5, Seats: 5
Length: 169.5 in / 4305 mm
Width: 69.7 in / 1770 mm
Height: 63.6 in / 1616 mm
Curb weight: 3679.52 lb / 1669 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EV

2022 Chevrolet Bolt EV Launch Edition

Doors: 5, Seats: 5
Length: 163.2 in / 4145 mm
Width: 69.5 in / 1765 mm
Height: 63.4 in / 1611 mm
Curb weight: 3589.13 lb / 1628 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EV

2022 Chevrolet Bolt EV 2LT

Doors: 5, Seats: 5
Length: 163.2 in / 4145 mm
Width: 69.5 in / 1765 mm
Height: 63.4 in / 1611 mm
Curb weight: 3589.13 lb / 1628 kg
Electric motor: 150 kW, 360 Nm, Location: Front
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2021 Volkswagen ID.3

2021 Volkswagen ID.3 Pro S Tour

Doors: 5, Seats: 4
Length: 167.8 in / 4261 mm
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2021 Volkswagen ID.3

2021 Volkswagen ID.3 Pro Performance Max

Doors: 5, Seats: 5
Length: 167.8 in / 4261 mm
Width: 71.2 in / 1809 mm
Height: 61.7 in / 1568 mm
Curb weight: 3979.34 lb / 1805 kg
Electric motor: 150 kW, 310 Nm, Location: Rear
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2021 Opel Mokka-e

2021 Opel Mokka-e Launch Edition

Doors: 5, Seats: 5
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Electric motor: 100 kW, 260 Nm, Location: Front
Battery: 50 kWh

2021 Hyundai KONA Electric

2021 Hyundai KONA Electric Ultimate 64 kWh

Doors: 4, Seats: 5
Length: 164.6 in / 4180 mm
Width: 70.9 in / 1800 mm
Height: 61.2 in / 1555 mm
Curb weight: 3836.04 lb / 1740 kg
Electric motor: 150 kW @ 3600 rpm, 395 Nm, Location: Front
Battery: 64 kWh, Voltage: 356 V

2021 Tesla Model 3

2021 Tesla Model 3 Performance AWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
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Electric motor #2: 147 kW, Location: Front
Battery: 79.5 kWh, Voltage: 360 V

2021 Tesla Model 3

2021 Tesla Model 3 Long Range AWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
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2021 Tesla Model Y

2021 Tesla Model Y Performance AWD

Doors: 4, Seats: 5 / 7
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2021 Tesla Model Y

2021 Tesla Model Y Long Range AWD

Doors: 4, Seats: 5 / 7
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Width: 75.6 in / 1921 mm
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2021 Tesla Model X

2021 Tesla Model X Performance

Doors: 4, Seats: 5 / 6 / 7
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Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5740.84 lb / 2604 kg
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Electric motor #2: 205 kW, 420 Nm, Location: Front
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2021 Tesla Model X

2021 Tesla Model X Long Range Plus

Doors: 4, Seats: 5 / 6 / 7
Length: 198.3 in / 5037 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5630.61 lb / 2554 kg
Electric motor #1: 210 kW, 335 Nm, Location: Rear
Electric motor #2: 205 kW, 420 Nm, Location: Front
Battery: 100 kWh, Voltage: 400 V