Hyperdrive
Tesla $2.9 Billion Battery Materials Order Sends L&F Surging
- South Korea-based cathode producer jumps on news of pact
- Competition is increasing for supply of cathodes and metals
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South Korea’s L&F Co. jumped as much as 19% after winning a $2.9 billion order from Tesla Inc. and its affiliates to provide cathode materials, a key component in electric vehicle batteries.
The supplier will provide high-nickel cathode materials to be used in the automotive, energy generation and storage sectors under a contract from next January to December 2025, L&F said Tuesday in a filing. Materials will be supplied to the US and other regions.