SK claims LG trying to ‘monopolize’ US battery market
In response to LG's claim that it will buy Georgia plant
SK Innovation on Tuesday expressed its “strong regret” on recent announcements made by LG Energy Solution, claiming that the latter was “distorting the truth” and attempting to “monopolize” the US market.
SK’s statements are largely in reaction to LG’s letter sent to US Senator Raphael Warnock last week. LG suggested that it could partner with an outside investor to run the plant in Georgia currently owned by SK to protect jobs in the state.
SK said, since the ruling of the Internal Trade Commission, LG has been announcing non-specific investment plans in the US and distorting the truth to prevent the Presidential veto. SK claimed that such moves by LG will only evoke hostility from US society.
SK also called LG’s letter to Warnock “done to affect the US President’s right to veto [ITC’s ruling].”
LG’s ultimate aims through these moves prove that its lawsuit against SK was to extract SK from the US market and build its monopoly status in the US market, SK claimed.
SK also said LG’s behaviors will erode trust in Korean battery from the US. They also show that LG’s claims of its aim for co-growth with SK was “insincere.”
SK also denied LG’s claim that it was unresponsive in negotiations. SK said senior executives from both sides met earlier this month. It will reveal how their negotiations are progressing if LG agrees to publicize them.