Competition for the supply of cathodes and metals intensifies.

After securing a $2.9 billion order from Tesla Inc. and its affiliates to supply cathode materials, a crucial element in electric vehicle batteries, South Korean L&F Co. saw a 19% increase.

The company will provide high-nickel cathode materials by contract from January 2019 to December 2025, according to the statement.

Materials will ship to the USA and other regions.

The agreement takes place at a time when demand for essential battery components like lithium, nickel, and cobalt is surging due to the growing popularity of electric vehicles.

Global automakers and battery producers are increasingly competing with one another for trustworthy partners, in part because of US President Joe Biden’s Inflation Reduction Act, which attempts to reduce American reliance on Chinese firms.

Shares of L&F are currently trading up 11.2% this year, or approximately 56%.

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