American prosecutors say a Canadian living in China stole trade secrets from a leading U.S.-based electric vehicle company to set up a competing battery business.
“As alleged, the defendants set up a company in China, blatantly stole trade secrets from an American company that are important to manufacturing electric vehicles," said Breon Peace, U.S. Attorney for the Eastern District of New York.Peace said trade secret theft "places U.S. businesses at a competitive disadvantage, undermines innovation and creates a potential national security risk.”
The complaint says the products developed by the Canadian company were used in battery assembly lines that could be run continuously at high speed, pumping out batteries at a much faster pace than firms without the technology.Prosecutors allege that Pflugbeil and Shao — who remains at large — set up an unnamed company with offices in China, Brazil, Germany and Canada using the stolen trade secrets.
-- Asian stocks and currencies look set to respond positively to the Federal Reserve’s policy decision where the central bank maintained its outlook for three interest-rate cuts this year, according to analysts and strategists.
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