On December 29, Bloomberg reported that L&F Co, a South Korean battery material supplier, which had secured a substantial order from Tesla nearly three years ago, has only managed to deliver a paltry amount of battery materials thus far. On Monday, L&F revealed that the supply contract with Tesla, initially announced in February 2023 and originally valued at 3.83 trillion Korean won (roughly equivalent to $2.67 billion), has now been slashed to a mere 9.73 million Korean won (approximately $6,779), marking a staggering 99% reduction. L&F attributed this drastic decrease in supply volume to a significant downturn in orders. The high-nickel cathode materials, originally slated for delivery from January 2024 through to the current month, have been supplied in minuscule quantities. This is primarily due to the delay in the development of the Cybertruck, as well as consumers' inclination towards other Tesla models. Moreover, policy shifts have also exerted an influence on procurement strategies.