LG Chem, SK Innovation spar over EV recalls in trade dispute

[DearWallstreet.com] DWS Daily on Dec 03, 2020 EMAIL}/redirect [LG Chem, SK Innovation spar over EV recalls in trade dispute David Shepardson and Hyunjoo Jin]( Image]( By David Shepardson and Hyunjoo Jin WASHINGON/SEOUL (Reuters) - South Korean battery makers LG Chem and SK Innovation are sparring over whether the U.S. International Trade Commission (ITC) should consider recent electric vehicle recalls in a trade secrets case. LG Chem, an EV battery supplier for Tesla and General Motors, filed its trade complaints against SK Innovation last year in the United States. Alleging trade secret theft, LG seeks to block SK from producing battery cells in the United States and from importing the components necessary to make them. SK has denied wrongdoing. Last month, SK asked the ITC to consider that "LG Chem batteries have been involved in a series of fires and explosions, raising substantial public interest concerns." In the request, SK said General Motors Co and Hyundai Motor Co had each issued recent recalls for EVs with LG Chem batteries. The recalls "raise questions of public safety and underscore the critical need for SK batteries in the United States," the company said. It added the fires are "compelling grounds" not to impede SK's ability to manufacture batteries at its U.S. plant. LG Chem in a response filed Wednesday said the filing was "untimely and irrelevant" and should not factor in the ITC review "because the electric vehicle recalls cited by SKI do not impact future-year battery models and do not impact EVs with batteries manufactured in LG Chem’s Holland, Michigan plant." GM said last month it was recalling 68,677 EVs worldwide for high-voltage batteries after five reported fires and two minor injuries. In October, Hyundai recalled nearly 77,000 Kona EVs worldwide, saying possible defects in battery cells increased fire risks. The ITC is expected to have a decision on the matter on Monday. An adverse ruling could potentially cause setbacks for Volkswagen and Ford Motor as they move to build new electric vehicles using SK Innovation's batteries and components. (Reporting by David Shepardson and Hyunjoo Jin; Editing by Tom Brown) [Trump administration adds China's SMIC and CNOOC to Defense blacklist]( WASHINGTON (Reuters) - The Trump administration on Thursday added China's top chipmaker SMIC and...([Continue Reading]( EMAIL}/redirect [Brazilian soy farmers try 5G technology with Huawei equipment]( BRASILIA (Reuters) - The Brazilian farm state of Goias rolled out a pilot project on Thursday to...([Continue Reading]( [Justice Department accuses Facebook of discriminating against U.S. workers]( WASHINGTON (Reuters) - The U.S. Justice Department accused Facebook of discriminating against U....([Continue Reading]( EMAIL}/redirect GENERAL NOTICE AND DISCLAIMER - PLEASE READ CAREFULLY THE FOLLOWING NOTICE AND DISCLAIMER MUST BE READ AND UNDERSTOOD AND YOU MUST AGREE TO THE TERMS CONTAINED THEREIN BEFORE USING THIS WEBSITE OR SUBSCRIBING TO OUR NEWSLETTER.This is a PAID ADVERTISEMENT provided to customers/subscribers of dearwallstreet. 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