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LG Chem denies news report of VW battery deal

2017/06/13 10:27

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SEOUL, June 13 (Yonhap) -- LG Chem Ltd, a leading South Korean battery maker, denied a media report Tuesday that it has reached a 7 trillion-won deal to supply electric vehicle (EV) batteries to Volkswagen AG.

In a regulatory filing, LG Chem, also the country's top chemical firm, said it has not signed any contracts with the German carmaker, adding that it has been conducting a slew of joint projects with global carmakers.

A local newspaper reported earlier in the day that LG Chem secured the mega deal, beating Chinese rival CATL, to supply battery cells for the automaker's so-called modular electrification toolkit project.

LG Chem entered the EV battery business in 2009. The company has supplied batteries to global carmakers, such as Audi and Renault-Nissan, as well as others. It currently operates a EV battery plant in China, the United States and South Korea.

In 2015, LG Chem started the operation of its new EV battery plant in China, eyeing growing demand on the back of Beijing's plans to tackle air pollution by introducing more eco-friendly cars.