UPDATED. 2024-04-18 05:34 (목)
LG Chem, SK Innovation fails to strike a truce
LG Chem, SK Innovation fails to strike a truce
  • Stan Lee
  • 승인 2019.09.17 06:23
  • 댓글 0
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LG company has not yet filed countersuit

The top executives of LG Chem and SK Innovation were unable to strike a truce on the legal feud over electric vehicle batteries during a meeting on Sept. 16 that was hurriedly arranged on government urging.

“LG Chem Vice Chairman Shin Hak-cheol met with SK Innovation CEO Kim Jun, but there were no real results,” said an SK Innovation official. Another official from LG Chem declined to comment.

Contrary for forecasts, Deputy Trade Minister Chung Seung-il did not attend the one-on-one; industry watchers believe the government was conscious of growing public and industrywide criticism towards excessive intervention. Chung has been meeting with executives at both LG and SK since June, trying to bring about a reconciliation.

Right before the Chuseok holidays last week, a high-ranking official from Cheong Wa Dae had called on the two sides to meet and try to reach some kind of consensus.

The one upside is that LG Chem has not yet filed a countersuit against SK Innovation, which filed a suit against the LG affiliate earlier this month after LG Chem sued it at the US International Trade Commission in April for infringing its battery patents.

LG Chem is demanding an apology, along with compensation from SK Innovation, but the latter is refusing to comply. Market watchers say it’s difficult to predict whether the two battery makers will meet again in the near future.

The Elec is South Korea’s No.1 tech news platform.

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