US Stock Market Move | Most new energy vehicle stocks fell, with Tesla, Inc. (TSLA.US) dropping over 2%.

On Monday, most of the new energy vehicle stocks fell. As of press time, Tesla, Inc. (TSLA.US) dropped more than 2%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) dropped more than 3%, Li Auto, Inc. Sponsored ADR Class A (LI.US) dropped more than 2.3%, Rivian Automotive (RIVN.US) dropped 1.6%; NIO Inc. Sponsored ADR Class A (NIO.US) rose 1.3%. On the news front, a media outlet quoted an insider revealing that a supplier of Tesla, Inc. ultimately delivered only a tiny fraction of the battery materials ordered by the car maker nearly three years ago, partly due to issues with the Cybertruck project. South Korean company L&F disclosed on Monday that its supply contract with Tesla, Inc., announced in February 2023 for 38.3 trillion Korean won (approximately $2.67 billion) has been reduced to 9.73 million Korean won. L&F stated in the submitted documents that the 99% reduction in the contract amount was due to changes in the supply quantity. The insider said that the high-nickel positive electrode materials entrusted to L&F for supply were originally scheduled for delivery between January 2024 and this month, to be used in Cybertruck battery production. However, due to repeated delays in the development of this vehicle, consumers opted for other models, resulting in very few actual deliveries of the materials.