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ev battery maker lg chem sues sk innovation, alleges trade secret theft

by:HGB     2019-12-01
SEOUL (Reuters)-
Electric vehicles (EV)
Battery maker LG Chem says its South Korean counterpart in the United States, SK Innovation, has been sued for allegedly stealing trade secrets.
LG Chemical and its US department have filed a lawsuit against SK Innovation in the United States. S.
Committee on International Trade (ITC)
Accusing SK Innovation of stealing trade secrets by hiring former employees.
It has asked the international trade center to stop SK from importing lithium samples.
Ion batteries and infrastructure technology have violated LG Chem\'s business secrets to enter the United States.
SK Innovation currently only produces electric vehicle batteries in South Korea and plans to start mass production in Hungary and the United StatesS.
The factory was in 2020 and 2022, respectively.
\"This lawsuit is an inevitable measure to protect our core technology and intellectual property from long-term research and huge investments,\" said Shin Hak Cheol, vice president and CEO of LG Chem, in a statement on Tuesday.
SK Innovation regrets the legal action LG Chem has taken against the company in the United States.
\"SK Innovation\'s battery business will be in the hands of the situation and clarify the charges made by LG Chem through legal procedures,\" SK Innovation said in a statement . \".
SK Innovation, owner of SK Energy, South Korea\'s largest oil refinery, is a latecomer to China\'s CATL and BYD-led markets, Japanese Panasonic, and local rivals LG Chemical and Samsung SDI Ltd.
Since mass production began in 2012, SK Innovation\'s customers include Daimler AG and Volkswagen.
At SK Innovation, it broke ground and set up its first American factory. S.
Electric vehicle battery factory in southeast Georgia.
Hwang Yu said: \"SK Innovation has been actively investing in the electric vehicle battery business, and these lawsuits may harm its electric vehicle battery business, especially in the United States.
Sik, analyst at NH Investment Securities.
LG Chem said it expects ITC to make a final ruling on the case in the second half of 2020.
LG Chem ranked fourth in the global electric vehicle battery market with 10 results.
4% of the market share, while SK ranked tenth with 1.
According to industry tracking firm SNE Research, the market share was 7% in January and February 2019.
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