Tesla's (TSLA) troubles with the Cybertruck just got worse. South Korean battery materials supplier L&F Co. revealed in a regulatory filing on Monday that its supply contract with the electric vehicle maker has been slashed by 99%, from 3.83 trillion won ($2.67 billion) to just 9.73 million won ($6,738).
The scaling back of its cathode supply deal, which was supposed to fuel Cybertruck production through 2025, suggests that demand for Tesla’s stainless-steel behemoth is cratering. L&F essentially admitted that “supply quantity” adjustments were necessary, a polite way of saying the orders just aren't coming in.
