Tesla Made A Little-Known Family Rich With A $2.9 Billion Deal, But Thanks To The Cybertruck, 99% Of That Value Was Lost

Written by Fabio Lucas Carvalho

Published on 03/02/2026 at 17:39

Updated on 03/02/2026 at 17:40

$Contrato da Tesla ligado à Cybertruck cai de US$ 2,9 bilhões para US$ 7.386 após ajustes de produção e vendas fracas.$

Contrato da Tesla ligado à Cybertruck cai de US$ 2,9 bilhões para US$ 7.386 após ajustes de produção e vendas fracas.

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Abrupt Reduction of a Contract Signed Between Tesla and South Korean Supplier L&F, Initially Estimated at US$ 2.9 Billion for Supply of Battery Materials for the Cybertruck Between 2024 and 2025, Evidences Direct Impact of Production Delays, Sales Below Expected, and Revisions in Ordered Quantity.

A Tesla’s agreement with South Korean L&F, estimated at US$ 2.9 billion for supplying batteries for the Cybertruck, has been reduced to US$ 7,386 between 2024 and 2025, reflecting production delays, weak sales, and supply adjustments.

Billion-Dollar Agreement and the Abrupt Turn Linked to the Cybertruck

About three years ago, before the launch of the Cybertruck, Tesla signed an agreement with L&F for the supply of materials for the 4680 battery cells. The contract was expected to last from January 2024 to December 2025, with an estimated value of US$ 2.9 billion, according to Bloomberg.

The projected amount propelled the president and CEO of L&F, Hur Jae-hong, and his family onto the Bloomberg Billionaires Index, based on shares held.

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Production of 4680 Batteries and Impacts on Cybertruck

Analysts told Reuters that the change in quantity is linked to Tesla’s difficulty in ramping up production of the 4680 cells intended for the Cybertruck. The production limitation occurred alongside lower-than-expected sales performance of the electric truck.

Senior analyst Cho Hyun-ryul of Samsung Securities stated that there has been a general slowdown in demand for electric vehicles.

Other battery suppliers reported similar reductions in orders, indicating a more restrictive environment for orders.

The combination of slower production ramp-up and lower market absorption directly affected the execution of the contract. The result was a substantial revision of the supplied volume and, consequently, the financial value of the agreement.

Cybertruck Sales Fall Short of Initial Forecasts

Unveiled in 2019, the Cybertruck had initial production plans for 2021 but faced successive delays. The first deliveries only occurred at the end of 2023. Since then, sales figures indicated performance below public expectations.

Before the launch, Tesla chief Elon Musk projected annual sales of up to 250,000 units. However, in the first year, just under 40,000 units were sold, according to Forbes.

Sales continued to decline. In the second quarter of 2025, the total sold was 4,306 units. Despite the numbers, Musk defended the model, calling it “the best vehicle of all time” from Tesla, even in the face of adverse circumstances.

Timeline of the Cybertruck and Production Milestones

November 2019 marked the public unveiling of the Cybertruck prototype. Production was expected to begin in late 2021, but the target was pushed to 2022. In January 2023, Tesla confirmed it would produce it that year.

In July 2023, the first Cybertruck was assembled at the Texas Gigafactory. Series production began in November 2023, followed by the first customer delivery event in the same month, with the first units delivered.

These milestones illustrate the tumultuous trajectory of the project. Delays, lower-than-expected sales, and production difficulties with the 4680 batteries converged to drastically reduce an agreement that seemed billion-dollar on paper but ended up nearly nullified.

Tesla Made A Little-Known Family Rich With A $2.9 Billion Deal, But Thanks To The Cybertruck, 99% Of That Value Was Lost

Abrupt Reduction of a Contract Signed Between Tesla and South Korean Supplier L&F, Initially Estimated at US$ 2.9 Billion for Supply of Battery Materials for the Cybertruck Between 2024 and 2025, Evidences Direct Impact of Production Delays, Sales Below Expected, and Revisions in Ordered Quantity.

Billion-Dollar Agreement and the Abrupt Turn Linked to the Cybertruck

Production of 4680 Batteries and Impacts on Cybertruck

Cybertruck Sales Fall Short of Initial Forecasts

Timeline of the Cybertruck and Production Milestones

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Tesla Made A Little-Known Family Rich With A $2.9 Billion Deal, But Thanks To The Cybertruck, 99% Of That Value Was Lost

Abrupt Reduction of a Contract Signed Between Tesla and South Korean Supplier L&F, Initially Estimated at US$ 2.9 Billion for Supply of Battery Materials for the Cybertruck Between 2024 and 2025, Evidences Direct Impact of Production Delays, Sales Below Expected, and Revisions in Ordered Quantity.

Billion-Dollar Agreement and the Abrupt Turn Linked to the Cybertruck

Production of 4680 Batteries and Impacts on Cybertruck

Cybertruck Sales Fall Short of Initial Forecasts

Timeline of the Cybertruck and Production Milestones

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Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

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