Battery maker LG Energy Solution (LGES) said Friday that demand for electric vehicle (EV) batteries in North America is likely to remain strong this year, boosting its revenue.

The South Korean company, which supplies products to Tesla, General Motors Co. and others, said it expects revenue growth of 25 percent to 30 percent this year, aiming for revenue of 33.3 trillion won ($27 billion).

LGES’ fourth-quarter profit tripled as the company ramped up production to meet a huge order book from automakers looking to take a bigger bite out of the growing electric-car market.

The company plans to increase capital spending by 50 percent or more this year compared with 2022.

LGES, which has joint battery plants with GM, Stellantis NV and Honda Motor Co Ltd in North America, said battery orders rose to 385 trillion won ($313 billion) by late December, more than 11 times its projected revenue for 2023.

In the fourth quarter, the company received additional orders of about 20 trillion won.

LGES said it expects nearly half of its global battery capacity to be dedicated to the North American region in the future, adding that it expects to provide annual battery capacity of about 540 gigawatt hours (GWh) by the end of 2025.

LGES currently supplies batteries for Tesla from China and said it is in “active discussions” with the Elon Musk-controlled company and other electric-car startups about supplying batteries from the purported supplier’s plant in Arizona.

LGES said it was reviewing its investment commitments for the proposed Arizona plant, without elaborating.

LGES reported an operating profit of 237 billion won ($193 million) from October through December, up from 76 billion won a year earlier.

Compared with analysts’ average forecast of 256 billion won

The figure missed analysts’ forecasts because of one-time expenses such as reserves related to energy storage systems and year-end bonuses.

Revenue for the quarter rose 92% to 8.5 trillion won

Shares of LGES, which spun off from LG Chem Ltd on its market debut last year, were down 2.1%, compared with a 0.6% rise in the benchmark KOSPI index.