Tesla signs 2-year, $2.9B order with South Korea’s L&F for high-nickel cathode materials
01 March 2023
Tesla and its affiliates have signed a $2.9-billion order for high-nickel cathode materials with South Korea’s L&F Company, according to an L&F regulatory filing. The contract runs for two years, from 1 Jan 2024 through 31 December 2025.
The value of the deal is calculated on the basis of L&F’s recent cathode sales price, and may change depending upon fluctuations in lithium pricing. L&F currently supplies LiNiMnCoO2, LiCoO2 and LiMn2O4 materials, with customized high-nickel NCM materials for high-performance products.
L&F also supplies LG Energy Solutions among other battery makers.
L&F was founded in July 2000 to produce LCD back lighting units. In August 2005, L&F Materials, a subsidiary of L&F, started the cathode active material business for lithium-ion rechargeable batteries. In February 2016, L&F and L&F Materials, merged to become a world-class company in the cathode active material business.