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Tesla’s Cybertruck Delays Trigger $800M Wealth Erosion for L&F CEO

Tesla’s Cybertruck Delays Trigger $800M Wealth Erosion for L&F CEO

Author:

Global Cryptocurrency

Published:

2025-12-31 01:09:01

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BTCCSquare news:

Hur Jae-hong, chairman of South Korean battery materials firm L&F, saw his fortune plummet from $800 million to $134 million as Tesla's Cybertruck production delays gutted a pivotal supply contract. The deal for high-nickel cathodes—once touted as transformative—has been reduced to a nominal sub-$10,000 value.

L&F's shares have cratered 70% since their 2023 peak when the Tesla agreement was announced, battered by evaporating EV demand and overreliance on top client LG Energy Solution. Analysts suggest cathode shipments to Tesla likely ceased last year, though ties between the companies aren't fully severed.

The angular Cybertruck's commercial failure exemplifies broader headwinds in electric vehicle adoption. Battery suppliers face mounting pressure as automakers recalibrate production timelines amid softening consumer appetite.

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