On Monday, most new energy vehicle stocks traded lower. At the time of writing, Tesla (TSLA.US) fell more than 2%, XPeng Inc. (XPEV.US) dropped over 3%, Li Auto (LI.US) declined more than 2.3%, and Rivian Automotive (RIVN.US) decreased by 1.6%; conversely, NIO Inc. (NIO.US) rose by 1.3%.
Reports cited an informed source revealing that a Tesla supplier ultimately delivered only a minuscule portion of the battery materials the automaker ordered nearly three years ago, partly due to issues with the Cybertruck project.
South Korea's L&F Company disclosed on Monday that its supply contract with Tesla, initially announced in February 2023 and valued at 3.83 trillion won (approximately $2.67 billion), had been reduced to just 9.73 million won.
In its filing, L&F stated the contract value was cut by 99% due to a change in the quantity of goods supplied.
The informed source indicated that the high-nickel cathode materials L&F was commissioned to supply were originally scheduled for delivery between January 2024 and this month and were intended for Cybertruck battery production.
However, due to repeated delays in the vehicle's development and consumers opting for other models, the quantity of materials actually delivered was extremely limited.
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