Tesla Signs $4.3 Billion Battery Supply Pact With LG Energy

Tesla Inc. agreed to buy $4.3 billion worth of US-built batteries from LG Energy Solution Ltd., a person familiar with the matter said, in a deal that should eventually boost the carmaker’s slowing energy storage business.

LG Energy announced in a regulatory filing Wednesday that it had secured a 5.9 trillion won contract to supply lithium iron phosphate, or LFP, batteries overseas over three years starting August 2027. Tesla is the customer in the deal, the person said Wednesday, speaking on condition of anonymity as the information isn’t yet public.