Germany's BASF said on Wednesday it has been chosen as the exclusive partner to develop high-performing lithium-ion batteries for electric vehicles with Cellforce Group, a joint venture between Porsche and Customcells.

As part of the collaboration, BASF will provide materials for high-performance battery cells for fast charging and high energy density. Cellforce Group will produce the high-performing battery, Reuters reported.

Sources told Reuters last month that Volkswagen was seeking closer ties with Germany's BASF, one of the world's largest suppliers of battery materials."