Tesla has entered into a $4.3 billion contract with LG Energy Solutions to supply lithium iron phosphate (LFP) battery cells starting in August and extending to July 2030. The LFP cells are likely intended for Tesla's energy storage products rather than for electric vehicles, in response to decreasing EV sales in North America. This partnership also helps minimize Tesla's dependence on Chinese suppliers, with production based in Michigan to bypass tariffs associated with Chinese-made components.
Tesla has signed a $4.3 billion contract with LG Energy Solutions for LFP battery cells, set to begin supply in August and run until July 2030, potentially for energy storage products.
Production of LFP cells will occur in Michigan, allowing Tesla to reduce reliance on Chinese suppliers and avoid tariffs from the Trump trade war.
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