{"id":120773,"date":"2021-04-12T02:12:58","date_gmt":"2021-04-12T02:12:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120773"},"modified":"2021-04-12T02:12:58","modified_gmt":"2021-04-12T02:12:58","slug":"south-korean-battery-makers-shares-rise-after-1-8-billion-settlement","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/south-korean-battery-makers-shares-rise-after-1-8-billion-settlement\/","title":{"rendered":"South Korean battery makers' shares rise after $1.8 billion settlement"},"content":{"rendered":"

SEOUL (Reuters) – Shares of South Korea\u2019s SK Innovation and LG Chem jumped on Monday after the battery makers agreed on a 2 trillion won ($1.8 billion) dispute settlement over EV battery technology, which analysts said freed them up to stay on top of battery developments from clients like Volkswagen.<\/p>

FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS\/Kim Hong-Ji<\/figcaption>

LG Energy Solution, a wholly owned subsidiary of LG Chem, and SK Innovation also agreed on Sunday to drop all litigation in the United States and South Korea and not to sue each other for 10 years, after the core dispute had threatened the EV plans of Ford Motor Co and Volkswagen AG.<\/p>\n

SK Innovation shares rose as much as 18.5% while LG Chem shares rose as much as 4.1%.<\/p>\n

\u201cThis agreement has resolved uncertainties about the growth of the battery business and our pursuit of the U.S. market,\u201d SK Innovation CEO Kim Jun said in a message to employees seen by Reuters. \u201cIt will enable us to accelerate the construction of the Georgia, U.S. plant and actively promote additional investment and cooperation in line with the development of the U.S. and global electric vehicle (EV) industry.\u201d<\/p>\n

Ford said in a statement on Sunday that it was pleased the battery makers had settled their differences, and that the agreement allowed Ford to focus on delivering EVs for retail and fleet customers.<\/p>\n

\u201cThe market sees the deal in favour of SK as the settlement amount was less than expected; some had even said it could cost up to 7 trillion won,\u201d said Cho Hyun-ryul, analyst at Samsung Securities.<\/p>\n

\u201cThe agreement is positive for both companies\u2019 stock prices, by resolving the lawsuit issue for the future,\u201d Cho added. \u201cFor SK, the value of its battery business had been reflected less in its stock price versus competitors. However, this deal with LG could serve as leverage.\u201d<\/p>\n

Shares in SK Innovation had fallen 19.7% since February, when U.S. International Trade Commission sided with LG Chem on the trade secrets case, while LG Chem shares had fallen 15.4%.<\/p>\n

However, analysts said the companies\u2019 lawsuit-free future partly depended on how they responded to Volkswagen\u2019s decision last month to move the bulk of its cars to a new unified prismatic battery and away from the pouch-style manufactured by LG and SK – although Volkswagen\u2019s shift doesn\u2019t mean other automakers will follow.<\/p>\n

\u201cEspecially for SK, which is highly dependent on pouch-style batteries, the key is how it will win orders in the future. Although there are no public numbers, SK is known to be quite dependent on Volkswagen for the battery business,\u201d said Kang Dong-jin, analyst at Hyundai Motor Securities.<\/p>\n

The wider market was up 0.4%.<\/p>\n

($1 = 1,121.4100 won)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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