Tesla’s Cybertruck Battery Deal Slashed to $6,776 Due to Poor Sales
When Tesla announced a $2.67 billion battery contract for the much-anticipated Cybertruck in February 2023, it seemed like another milestone in Elon Musk’s ambitious plans to revolutionize automotive manufacturing. However, with actual sales falling far short of expectations—Tesla is on track for fewer than 20,000 units this year—the deal has been slashed down to a mere $6,776.Key TakeawaysTesla’s battery supplier L&F Co. saw its contract worth $2.67 billion cut by 99% due to poor Cybertruck sales.The original deal was tied to Tesla's 4680 battery cells, which were supposed to power the company's future affordable EVs but are now mainly used in the Cybertruck.Subsidy eliminations and policy changes have also impacted the supply contract negatively for L&F Co.The original deal was i...