How 2 South Korean Companies Have Managed to Terrify Ford, VW, and the Biden Administration
The stakes are so high that SK innovation will be forced to settle
This is a story of cutthroat technological war, unfathomable corporate animus, a new kind of economic nationalism, and great power competition between the two most powerful leaders in the world. The likelihood is that the rare drama will end in a settlement that could lay low one of South Korea’s most powerful companies. But before then, it is a nerve-wracking spectacle that reflects the newfound tension rife in international batteries and electric cars.
In a case involving two relatively unknown South Korean companies, the International Trade Commission (ITC) , on Wednesday, barred the import of batteries meant to power the new electric Ford F-150 pickup, the most popular line of vehicles in the country for four straight decades. The batteries, made by South Korean giant SK innovation (SKI), were also intended for VW’s new crossover SUV, called the ID.4, which the German carmaker has planned to make in the U.S. to compete with the Tesla Model Y. But now, both companies must find another battery.
The draconian ruling favors LG Chem, SKI’s blood enemy in the ruthless South Korean battery business. Their loathing is perhaps…
