L&F, a corporations specializing in secondary-battery cathode materials, said on the 29th that it reduced to 9.73 million won the supply volume of high-nickel cathode materials it agreed to with Tesla in Feb. 2023. Considering that the initially agreed supply amount was 3.8347 trillion won, it can effectively be seen as a cancellation of the contract.
L&F said it would revise the contract amount "in line with the change in supply volume," noting that "the contract amount was reduced from $2,910,838,400 to $7,386, calculated by applying the initial announced exchange rate of 1,317.4 won on the contract date of Feb. 28, 2023."
L&F signed a contract with Tesla on Feb. 28, 2023, to supply high-nickel cathode materials to the United States and other regions. The contract amount at the time equaled 395% of revenue. The contract period was from Jan. 1, 2024, to Dec. 31, 2025.
An L&F official said, "The reduced 9.73 million won is the amount delivered to Tesla so far."