Nippon Steel drops patent lawsuit against Toyota in name of partnership
Nippon Steel has dropped its lawsuit against Toyota over a patent for a technology used in electric motors, saying wrangling among Japanese companies was not beneficial to keep the nation competitive
By YURI KAGEYAMA
Published - Nov 02, 2023, 03:09 AM ET
Last Updated - Aug 28, 2024, 12:39 AM EDT
TOKYO (AP) — Nippon Steel Corp. has dropped its lawsuit against Toyota Motor Corp. over a patent for a technology used in electric motors, saying wrangling among Japanese companies was not beneficial to keep the nation competitive.
Toyota and Nippon Steel see their partnership as critical in the Japanese auto industry.
Japan’s top steelmaker said in a statement Thursday that such internal disputes were not fitting for a period of uncertainty and rapid change toward “carbon neutrality,” referring to the recent rush to develop electric vehicles.
The lawsuit over intellectual property demanding compensation for damages totaling 20 billion yen ($133 million) was filed in Tokyo District Court in October 2021.
