- L&F Co. reduced a supply contract with Tesla from 3.83 trillion won (~$2.7 billion) to 9.73 million won (~$6,800).
- The contract was for high-nickel cathode material intended for the Cybertruck, but only a small portion was delivered amid vehicle delays and weak demand.
- The revision reflects shifts in the global EV market, battery supply conditions and the removal of certain tax-credit subsidies.
- The Cybertruck launched in late 2023 with a starting price of $79,990 and a premium “Cyberbeast” variant at $114,990; combined 2024 sales of Tesla’s premium models totaled 85,133 units.
L&F Co.Tesla to 9.73 million won (about $6,800) from 3.83 trillion won (about $2.7 billion), according to a filing. The company said the change followed a shift in the quantity to be supplied.
L&F Co. had been contracted to provide high-nickel cathode material for Cybertruck batteries but delivered only small amounts as the vehicle’s development faced delays and consumer demand remained weak. High-nickel cathode material: a battery cathode with high nickel content that increases energy density.
The contract reduction also reflected broader market and policy changes, including the elimination of certain tax-credit subsidies tied to EV purchases. L&F Co. said the revision was inevitable given changes in the global electric-vehicle market and battery supply conditions.
The Cybertruck began deliveries in November 2023 at a higher price than originally announced; current starting prices are $79,990 for the base model and $114,990 for the premium “Cyberbeast” variant. Early pricing and the truck’s unconventional design contributed to slower order conversions from reservation holders.
In 2024, Tesla sold 85,133 units across its premium lineup (Model S, Model X and Cybertruck). Estimates based on those figures place annual Cybertruck sales below 30,000 units. TSLA shares have gained about 15% year-to-date and roughly 11% over the past 12 months.
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