[Asia Economy Reporter Park So-yeon] SK Innovation is showing strong performance following the news of a settlement in the electric vehicle battery lawsuit.
As of 9:08 AM on the 12th, SK Innovation is trading at 272,000 KRW on the KOSPI market, up 34,000 KRW (14.29%) from the previous trading day.
On the previous day, SK Innovation decided to end the trade secret infringement dispute over electric vehicle batteries with LG Energy Solution through a settlement. SK Innovation will pay LG Energy Solution a total of 2 trillion KRW in present value terms (1 trillion KRW in cash + 1 trillion KRW in royalties) according to the agreed method and will withdraw all related domestic and international litigations. Both parties also agreed not to pursue any additional litigation for the next 10 years.
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