Seoul, Dec. 30 -- South Korean battery materials manufacturer L&F Co. announced on Monday that its major contract to supply cathode materials to Tesla has been reduced to nearly zero. The total value of the deal dropped from 3.83 trillion won (USD 2.68 billion) to just 9.73 million won (USD 6,808), effectively ending the agreement between the two companies.

As per a report by Pulse, the English service of Maeil Business News Korea, the original contract was signed in February 2023. At that time, L&F agreed to provide high-nickel cathode materials to the American electric vehicle maker for two years. This deal was expected to run from January 2024 until the end of December 2025. The initial value of the contract was very high, representin...