Tesla (TSLA.US) and Rivian (RIVN.US) have reached a "conditional" settlement in the technology theft lawsuit.

Market IntelFriday, Nov 22, 2024 8:10 pm ET

1min read

Tesla (TSLA.US) said it has reached a "conditional" settlement in its lawsuit accusing Rivian Automotive (RIVN.US) of stealing trade secrets related to its electric vehicle business.

Tesla did not disclose details of the agreement in court filings, but it told a California judge that it expects to seek dismissal of the case by December 24, when the terms of the agreement are fully met.

The dispute began more than four years ago, when Tesla accused Rivian of stealing employees and trade secrets in a "shocking" way. Tesla later said some employees were "caught red-handed" stealing the core technology of its next-generation battery.

Rivian denied any wrongdoing and criticized the lawsuit as an attempt to stifle competition in the electric vehicle market.

Rivian and a group of former Tesla employees failed to get the lawsuit dismissed, and a trial is scheduled for March.

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