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In a regulatory filing today, L&F revealed that the contract’s value has been written down to just $7,386.
No, that is not a typo. $2.9 billion to roughly $7,400.
L&F did not explicitly state the reason for the cut, citing only a “change in supply quantity,” but the dots are easy to connect. The high-nickel cathode was destined for Tesla’s 4680 cells, and the primary consumer of those cells is the Cybertruck
How is $2.9bn to $7k a 99% cut? It’s far closer to a 100% cut…
It's 99.99%, repeating, of course...
Because $7386 is a lot more than $0.
And a lot less than $29,000,000.
...huh? That would be 0%
A 99% reduction from $2.9 billion is $29 million. On the scale from $0 to $29 million, $7,386 is much closer to $0, so it’s more accurate to say the deal was cut by 100% unless you want to quote it with several decimal places.
It’s 99.9997% to 4 places.
They cancelled the order so it's not really collapsing as much as Tesla is shutting it down.
What a sad story… /s
99.999%+ write down. Not just Cybertruck sales collapse sign, it is evidence that Tesla has no other plans for its "wonder battery"