- SK Innovation's Korean-made batteries will be banned from the U.S. for 10 years, the U.S. International Trade Commission rules in a decision that threatens to disrupt plans by Ford (NYSE:F) and Volkswagen (OTCPK:VWAGY) to build electric vehicles in the U.S.
- LG Chem, also from Korea, has accused SK Innovation of stealing trade secrets related to lithium-ion battery production, and the ITC's order affirmed a judge's earlier ruling that the import ban was the appropriate punishment for SK's destroying evidence that LG Chem said it needed to prove its case.
- The ITC's ruling threatens two new battery plants SKI is building in Georgia to supply Ford and VW with batteries for models set to go into production in the next two years, and complicates efforts by the Biden administration to boost domestic battery and electric vehicle construction.
- Today's ruling starts the clock on a 60-day review period for the White House, and SKI can appeal the decision in U.S. federal court.
- Ford "may become an electric vehicle 'meme' stock, and an investor can get extra juice through an options strategy," The Private Island Saver writes in a bullish new analysis posted on Seeking Alpha.