LG Chem, one of South Korea's largest chemicals companies, disclosed it hasd signed an agreement to supply electric vehicle (EV) batteries to Volkswagen group.
In a regulatory filing with the South Korean Financial Supervisory Service, LG Chem confirmed it had agreed to supply lithium-ion batteries to the automaker from the beginning of 2019. No details on volumes and prices were available.
LG Chem is fast establishing itself as a leading global supplier of automotive lithium-ion batteries, with deals already signed with Hyundai, Kia, Renault, Volvo and General Motors.
It has EV battery manufacturing plants in South Korea, China, US and Poland.
The company is also expanding rapidly in other segments of the global automotive supply chain.
It already is a significant supplier of LED screens and recently acquired Austrian automotive lighting and headlight systems manufacturer ZKW Group and US coatings company Uniseal.
It is also looking to enter the autonomous driving and connected car segment with a proposed partnership with Nvidia.