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Story summary
- Tesla, Inc. reduced its battery-material supply contract with South Korea's L&F Co. by 99%, from 3.83 trillion won to 9.73 million won.
- The cut stems from delays to the Cybertruck and a shift in demand toward the Model 3 and Model Y.
- Broader factors, including the removal of Inflation Reduction Act subsidies, also contributed.
- L&F said shipments to major Korean manufacturers remain unaffected.
- L&F's shares fell 11% in Seoul after the announcement, and they have risen 16% this year.
