[THE INVESTOR] LG Chem said on March 21 that it has been selected as a supplier of electric vehicle batteries to German carmaker Volkswagen.

“We have received a letter of intent, though we have yet to sign a formal deal,” an official of LG Chem said, without giving any further details.

Currently, the Korean company is a key supplier of batteries to US auto giant General Motors, Volvo, Renault, as well as Hyundai Motor and Kia Motors.

LG Chem operates EV battery plants in Korea, China, the United States and Poland.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)