# Who are LG Energy Solution's customers? Who does LG Energy Solution earn revenue from?
Canonical: https://valuechain.wiki/lg-energy-solution · Facet: customers · Updated: 2026-09-24T04:08:54.181993+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: LG Energy Solution's confirmed revenue counterparties include Toyota, Tesla, Hyundai Motor Group (HL-GA Battery) plus 6 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 9 revenue edges, backed by 14 dated sources, 0 of them primary filings (as of 2026-09-24).

### LG화학 (모회사 지분) (high)  → /lg-chem.md
- metric: Market share 51.5% · LGES가 LG화학 연결매출에서 차지하는 비중
- note: Listed subsidiary spun off from LG Chem's battery division on Dec 1, 2020; LG Chem is the controlling shareholder.
- [confirms] DART (FSS) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313001195: "LG Chem spun off its battery division on Dec 1, 2020 into subsidiary LG Energy Solution."
- [confirms] FSS DART / LG Energy Solution (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312000217: "FY2025 consolidated revenue KRW 23,671.8bn (-7.6%); operating profit KRW 1,346.1bn (incl. ~KRW 811bn AMPC)."

### Toyota (high)  → /toyota.md
- metric: capacity 20 GWh/yr · 2025~2035 · High-nickel NCMA long-term supply
- note: 10-year (2025–2035) deal to supply 20 GWh/yr of high-nickel NCMA cells from Michigan for US-built Toyota BEVs.
- [confirms] Toyota USA Newsroom (EN, ir, published 2023-10-04) https://pressroom.toyota.com/lg-energy-solution-and-toyota-sign-long-term-battery-supply-agreement-to-power-electric-vehicles-in-the-u-s/: "annual capacity of 20GWh starting from 2025 ... high-nickel NCMA"

### Stellantis (NextStar Energy) (high)
- metric: Investment C$5B · 2022~ · Total JV investment, >45 GWh
- note: Canada's first large-scale cell plant (NextStar), >C$5B, >45 GWh. In 2026 LGES took full ownership.
- [confirms] Stellantis (EN, ir, published 2026-02-06) https://www.stellantis.com/en/news/press-releases/2026/february/lg-energy-solution-to-acquire-full-ownership-of-nextstar-energy-in-joint-strategic-decision-with-stellantis: "Stellantis selling its 49 per cent equity stake to LG Energy Solution"
- [confirms] NextStar Energy (EN, ir, published 2022-03-23) https://nextstar-energy.com/stellantis-and-lg-energy-solution-to-invest-over-5-billion-cad-in-joint-venture-for-first-large-scale-lithium-ion-battery-production-plant-in-canada/: "more than $5 billion CAD ($4.1 billion USD) ... in excess of 45 gigawatt hours"

### Honda (L-H Battery) (high)
- metric: Investment $4.4B · 2023~ · JV-related investment, 40 GWh
- note: Ohio cell JV owned LGES 51% / Honda 49%; ~$4.4B, ~40 GWh.
- [confirms] LG Energy Solution (EN, ir, published 2023-01-13) https://news.lgensol.com/company-news/press-releases/1315/: "51% LGES, 49% Honda ... overall investment ... $4.4 billion ... approximately 40GWh"
- [confirms] ZDNet Korea (KO, news, published 2023-01-13) https://zdnet.co.kr/view/?no=20230113220859: "LGES 51%, Honda 49% ... total $4.4B (₩5.5tn) ... 40 GWh"

### Tesla (high)  → /tesla.md
- metric: Contract value $4.3B · 2027-08~2030-07 · LFP prismatic ESS cell supply (Megapack 3)
- note: $4.3B deal to supply LFP prismatic ESS cells for Megapack 3 from Lansing MI (2027–2030); also supplies 2170 cylindrical cells.
- [confirms] Electrek (EN, news, published 2026-03-17) https://electrek.co/2026/03/17/tesla-lg-energy-solution-4-3-billion-lfp-battery-deal-megapack-confirmed/: "LG produce LFP prismatic cells at its Lansing, Michigan factory starting in 2027 ... through July 2030"
- [confirms] TheElec (KO, news, published 2025-02-05) https://www.thelec.kr/news/articleView.html?idxno=32699: "53F cells ... made at the Nanjing plant and supplied to Tesla Giga Shanghai"

### 현대차그룹 (HL-GA Battery) (high)  → /hyundai-motor-company.md
- metric: Investment $4.3B · 2026~ · Total JV investment, 30 GWh
- note: 50/50 cell JV near Hyundai's Georgia Metaplant (HL-GA); >$4.3B, ~30 GWh, production from 2026.
- [confirms] Georgia Dept. of Economic Development (EN, news, published 2023-08-31) https://www.georgia.org/press-releases/2023/hyundai-motor-group-and-lg-energy-solution-invest-additional-2b-bryan-county: "raising the JV total investment value to more than $4.3 billion ... The 30 GWh facility"
- [confirms] Hyundai Motor Group (KO, ir, published 2023-05-26) https://www.hyundaimotorgroup.com/ko/news/CONT0000000000093755: "joint investment of KRW 5.7tn (>$4.3B) ... ~30 GWh/yr"

### General Motors (Ultium Cells) (high)
- metric: Investment $2.6B · 2022~ · Lansing plant 3 investment, 50 GWh
- note: Supplies cells via GM JV Ultium Cells (Ohio, Tennessee); the Lansing 3rd plant ($2.6B / 50 GWh) was acquired outright by LGES in 2025.
- [mentions] Mirae Asset Securities (KO, research, published 2026-02-01) https://securities.miraeasset.com/bbs/download/2131410.pdf?attachmentId=2131410: "Mirae Asset Buy, target KRW 510,000 — North American ESS and AMPC cash inflow are the thesis."
- [confirms] Battery Inside (KO, news, published 2025-05-08) https://inside.lgensol.com/2025/05/lgenergysolution-ultium-cells-llc3/: "completed acquisition of Ultium Cells plant 3; converted to its third wholly-owned North American plant"
- [confirms] LG Energy Solution (EN, ir, published 2022-01-26) https://news.lgensol.com/company-news/press-releases/881/: "a $2.6 billion investment to build its third battery cell manufacturing plant ... 50 gigawatt hours"

### 제너럴 모터스 (high)  → /general-motors.md
- note: Battery-cell revenue to GM via the Ultium Cells JV.
- [confirms] LG Energy Solution (EN, ir, published 2022-01-26) https://news.lgensol.com/company-news/press-releases/881/: "Ultium Cells JV third plant in Lansing."

### 혼다 (배터리 JV) (high)  → /honda-motor.md
- note: Supplies cells to Honda/Acura EVs via the Ohio L-H JV.
- [confirms] LG Energy Solution (EN, ir, published 2023-01-13) https://news.lgensol.com/company-news/press-releases/1315/: "L-H JV supplies Honda/Acura EVs."

### DTE 에너지 (mid)  → /dte-energy.md
- metric: Contract value $1.6B · approximately two years from 2026 · Total value of the 6 GWh ESS battery supply contract with LG Energy Solution
- note: LG Energy Solution agreed to supply DTE Energy with 6 GWh of energy-storage batteries over two years under a disclosed $1.6 billion contract, with deployment planned across Michigan grid projects including support for the Oracle data center.
- [confirms] Electronic Times (KO, news, published 2026-05-28) https://www.etnews.com/20260528000145: "LG Energy Solution said it signed a 6 GWh ESS battery supply contract with DTE Energy on May 27."
- [confirms] Samsung Securities Research Center (KO, research, published 2026-05-28) https://www.samsungpop.com/common.do?cmd=down&contentType=application/pdf&fileName=2020/2026052808584804K_02_01.pdf&inlineYn=Y&saveKey=research.pdf: "DTE Energy signed a $1.6 billion ESS contract for 1.5 GW and 6.0 GWh over the next two years."

Reverse side: https://valuechain.wiki/lg-energy-solution/suppliers.md · Ripple: https://valuechain.wiki/lg-energy-solution/ripple.md

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