4680电池跳票？特斯拉大砍材料订单

Core Viewpoint - The article discusses the significant reduction of a supply contract between South Korean battery materials supplier L&F and Tesla, highlighting the challenges in the electric vehicle market and the implications for battery material supply [2][6]. Group 1: Contract Reduction - L&F announced a drastic cut in its supply contract with Tesla from 3.83 trillion KRW to 973 million KRW, a reduction of 99%, due to changes in supply volume [2]. - The contract originally involved high-nickel cathode materials intended for the Cybertruck battery, with a supply period from January 2024 to December 2025 [2]. Group 2: Market Dynamics - The reduction is attributed to a shift in the global electric vehicle market and battery supply conditions, necessitating adjustments in production plans [4]. - Despite the contract reduction, L&F's shipments of high-nickel products to major Korean battery manufacturers, including LG Energy, remain unaffected [2][4]. Group 3: L&F's Strategic Shift - L&F has begun to diversify its product offerings by entering the lithium iron phosphate (LFP) market, with plans to achieve mass production by around 2026 [4]. - The company aims to establish a new legal entity to focus on LFP cathode materials, targeting a production capacity of 60,000 tons [4]. Group 4: Tesla's Challenges - Tesla's order reduction for high-nickel materials is linked to weak market demand and delays in the Cybertruck model, which has faced multiple recalls and disappointing sales figures [8][9]. - The Cybertruck's sales in Q3 2025 were only 5,385 units, a 63% decrease compared to the same period in 2024, with an expected annual delivery of around 20,000 units, far below initial targets [8]. Group 5: Battery Production Issues - Tesla's challenges also include difficulties in the production of the 4680 battery, which was expected to significantly reduce costs but has not yet resolved production and yield issues [9]. - The company may increasingly rely on external suppliers for battery needs, as it has multiple partnerships with companies like CATL, LG Energy, and Panasonic [9].