LG Chem rejects reports of $6.2 billion Volkswagen battery deal

LG Chem

Battery maker LG Chem Ltd rejected a media report that it has signed a 7 trillion won ($6.20 billion) deal to provide electric vehicle batteries for Volkswagen.

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

“No contract has been settled on,” LG Chem stated in a regulatory filing.

The company refused to discuss whether it was in talks with Volkswagen to provide batteries for the task called in the DongA report.

The company currently supplies batteries to Volkswagen in addition to other significant automakers such as General Motors and Renault SA.

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