VW in talks with LG Chem for supplying batteries for its Modular Electric Drive project

LG Chem has denied media reports of having signed such a deal and has declined to comment on such rumours.

South Korean battery maker LG Chem Ltd has denied media reports of having signed a $6.20 billion (7 trillion won) deal to supply electric batteries for Volkswagen AG’s vehicles.

On Tuesday, South Korea daily the DongA Ilbo had reported, without citing any sources, that LG Chem would be the battery supplier for Volkswagen’s Modular Electric Drive project.

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

LG Chem declined to comment on whether it was in talks with Volkswagen to supply batteries for the VW’s project.

Volkswagen could not be immediately reached for comment.

LG Chem supplies batteries to carmakers including Volkswagen, Renault SA and General Motors Co.

Despite the denial, LG’s shares were up by 1.4% in early trading on Tueasday, compared with a 0.3% rise for the broader market.

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