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SK Innovation Drops Most in a Year on U.S. Ban of EV Batteries

  • Rival LG Chem gains after winning intellectual property suit
  • Battery ban is a blow to SK customers Ford, Volkswagen

SK Innovation Co. had the biggest decline in almost a year in Seoul trading after the International Trade Commission ruled its electric-vehicle batteries will be banned from the U.S. for 10 years, giving bigger rival LG Energy Solution Co. a win.

Shares of SK Innovation, which supplies Ford Motor Co. and Volkswagen AG, dropped as much as 9.6% in early trading, the biggest intraday decline since March 2020. The stock traded down 6.6% at 277,000 won as of 9:15 a.m. in Seoul. Shares of LG Chem Ltd., the parent of LG Energy, gained as much as 5.2%.