By Gina Lee
Investing.com – Share in SK Innovation Co. Ltd. (KS:096770) roared back into the double digits after it settled a KRW2 trillion ($1.78 billion) electric-vehicle (EV) battery technology spat with compatriot LG Chemicals (KS:051910).
SK Innovation shares soared 13.87% to KRW271,000 ($241.5) by 9:34 PM ET (1:34 AM GMT), after soaring up to 16.6% earlier in the session They had fallen 19.7% since Feb. 11, when the U.S. International Trade Commission ruled in LG Chem’s favor on the dispute.
LG Chem shares rose 1.85% to KRW827,000, after rising up to 4.1% earlier in the session. The KOSPI index inched up 0.09%.
As part of the settlement reached over the weekend, LG Chem arm LG Energy Solution and SK Innovation agreed to drop all litigation both in the U.S. and South Korea, in addition to not suing each other for the next ten years.
The dispute had threatened the EV plans of companies such as Ford Motor Co . (NYSE:F) and Volkswagen AG (DE:VOWG). Ford said in a statement on Sunday that it was pleased the pair have resolved their differences, and that the truce allowed it to focus on delivering EVs for retail and fleet customers.