Tesla Cybertruck Woes Slash Supplier Deal by 99%, Hurting South Korean L&F Co.

• South Korean supplier L&F Co.'s battery material deal with Tesla slashed by 99%, from $2.67 billion to 9.73 million won.
• The drastic cut is attributed to Tesla Cybertruck production delays and buyers opting for other models like Model 3 and Model Y.
• L&F was to supply high-nickel cathode material for Cybertruck batteries from January 2024 through this month.
• General policy and economic concerns, including Inflation Reduction Act subsidies removal, also impacted the contract.
• L&F's stock fell 11% in Seoul following the announcement, despite stating flagship product shipments remain smooth.

Why It Matters: Cybertruck issues and market shifts severely cut L&F's Tesla deal, impacting its stock.