SK Innovation says "LG Chem has initiated frivolous lawsuits full of baseless claims" and claims this is "not the first time"
LG Chem recently sued SK Innovation for "misappropriation of trade secrets, tortious interference with prospective economic advantage and other claims".
Both South Korean lithium-ion battery manufacturers are among the several biggest players on the EV market, which is on the verge of a revolution. The stake for the battery suppliers is big, hopefully not too big to play within the rules.
SK Innovation says that it invested $860 million in its own technology and has a very different approach to production/developments, as well already being "an industry leader".
Here is the full SK Innovation response:
SEOUL – May 8th, 2019 SK Innovation (SKI) has reviewed the lawsuit filed by LG Chem and has determined the claims are spurious and without merit. The company will vigorously defend itself against LG Chem in a court of law. SKI has invested nearly 1 trillion Korean won, approximately $860 million USD in battery research and development. Not only do SKI and LG Chem have very different approaches to producing electric vehicle batteries and developing related technology, but SKI is already an industry leader.
SKI hires its employees around the world through open and transparent recruiting processes, and insists all prospective and existing employees not disclose any information which may be even remotely considered confidential or of trade secret in nature.
This is not the first time LG Chem has initiated frivolous lawsuits full of baseless claims – all of which have been found meritless. We are confident this is yet another of LG Chem’s attempts to try to stem our growth and position in the industry as a leading battery maker and the proven choice of top partners and customers across the globe.
"If LG Chem continues to make groundless accusations without stopping, we will strongly respond to them with all possible means, including legal measures, to secure customers and the market," said Su-kil Lim, a spokesman for SK Innovation.