Ford CEO calls for settlement between LG Chem, SK Innovation

FILE PHOTO: Ford Motor Co. CEO Jim Farley walks to speak at a news conference at the Rouge Complex in Dearborn, Michigan, U.S. September 17, 2020. REUTERS/Rebecca Cook

WASHINGTON (Reuters) – Ford Motor Chief Executive Jim Farley on Thursday publicly encouraged South Korea’s chemicals and electric vehicle (EV) battery maker LG Chem Ltd and SK Innovation Co Ltd to reach a settlement on LG’s battery allegations that SK stole trade secrets.

The U.S. International Trade Commission (ITC) on Wednesday sided with LG Chem, but permitted SK to import components for domestic production of lithium ion batteries for Ford’s EV F-150 program for four years, and for Volkswagen of America’s electric vehicle line for two years.

“A voluntary settlement between these two suppliers is ultimately in the best interest of US manufacturers and workers,” Farley wrote on Twitter.

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