Mitsubishi Motors has denied it plans to develop batteries with LG Chem Ltd, as claimed by the Nikkei business daily.

“The report is based on speculation. We have no plan to jointly develop batteries with LG Chem,” Mitsubishi Motors spokesman Tetsuji Inoue told Reuters.

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The Nikkei said automaker and supplier would jointly develop a lithium

-ion battery system, hoping to use it for some small electric cars that will be launched by fiscal 2012 and new plug-in hybrids introduced in 2013.

An LG Chem spokesman declined to comment.

Mitsubishi has a joint venture with GS Yuasa that develops and produces batteries used in the i-MiEV electric car. 

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