LG Chem to provide Apple’s iPhone batteries next year: Korea Economic Daily

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SEOUL (Reuters) – South Korea’s LG Chem Ltd is slated to exclusively provide batteries for Apple’s iPhone 9 which is likely to be launched next year, a Korean newspaper reported on Friday.

LG Chem has invested hundreds of billions of won in a dedicated line for the purpose and will produce “L-shaped” batteries for next year’s iPhone, the Korea Economic Daily reported citing an unnamed chemical industry source.

A spokesman for LG Chem said it does not respond to inquiries about client companies. Apple could not be immediately reached for comment.

LG Chem shares rose 3.7 percent in morning trade to their highest level since April 2016. They later pared gains to be up 0.5 percent.

Reporting by Joyce Lee; Editing by Edwina Gibbs