June 13, 2017 / 12:32 AM / in 6 months

LG Chem denies media report of $6.2 billion Volkswagen battery deal

SEOUL (Reuters) - South Korean battery maker LG Chem Ltd 051910.KS denied on Tuesday a media report that it has signed a 7 trillion won ($6.20 billion) deal to supply electric vehicle batteries for Volkswagen AG VOWG_p.DE.

General view of the Volkswagen power plant in Wolfsburg, Germany September 22, 2015. REUTERS/Axel Schmidt

The DongA Ilbo newspaper reported on Tuesday that LG Chem would be the battery supplier for Volkswagen’s Modular Electric Drive project. The report did not cite any direct sources.

“No contract has been agreed on,” LG Chem said in a regulatory filing.

The firm declined to comment on whether it was in talks with Volkswagen to supply batteries for the project named in the DongA report. Volkswagen could not be immediately reached for comment.

LG Chem already supplies batteries to Volkswagen as well as other major carmakers such as General Motors Co GM.N and Renault SA RENA.PA.

LG’s shares were up 1.4 percent in early Tuesday trade, compared with a 0.3 percent rise for the broader market .KS11.

Reporting by Se Young Lee and Hyunjoo Jin; Editing by Stephen Coates

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