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).
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’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