In Q1, Tesla amassed batteries from LG Energy Solution, as per reports

In Q1, Tesla amassed batteries from LG Energy Solution, as per reports

Tesla's performance in the first quarter of 2024 was less than stellar. Although the company managed to manufacture over 433,000 vehicles and deliver around 387,000 vehicles during Q1 2024, these figures marked an 8.5% decrease in deliveries compared to the previous year. Despite these challenges, Tesla showed no signs of reducing its battery acquisitions from suppliers during the quarter.

According to a report from South Korean publication New Daily Economy, Tesla aggressively procured batteries from LG Energy Solution in Q1. The volume of batteries purchased from the South Korean supplier was so significant that it led to a 30% increase in the company's sales quarter-over-quarter.

Kwon Jun-su, an analyst at Kiwoom Securities, provided insight into the situation, noting, "Due to Tesla’s inventory restocking, LG Energy Solution’s sales of small cylindrical batteries increased by about 30% compared to the previous quarter."

Joo Min-woo, an analyst at NH Investment & Securities, echoed similar sentiments, stating, "There was inventory accumulation centered on Tesla in the first quarter, and inventory accumulation by more diverse customers such as GM, Hyundai Motors, and Renault is expected from the second quarter."

As reported by the South Korean publication, Tesla's efforts to stockpile large numbers of batteries in the first quarter may indicate the company's intention to secure batteries at low prices ahead of the unveiling of its dedicated Robotaxi on August 8, 2024. The Robotaxi is anticipated to be a high-volume vehicle, making a stockpile of batteries for the vehicle’s prototypes and trial production beneficial for the company.

Previous reports have suggested that LG Energy Solution supplies nickel manganese cobalt (NMC) battery cells to Giga Shanghai for the plant’s higher-tier vehicles. Meanwhile, CATL’s lithium iron phosphate (LFP) cells are reportedly used for Giga Shanghai’s base Model 3 and Model Y Rear Wheel Drive (RWD).

This article is excerpted from TESLARATI.
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