We traced a supply route this week that looked clean from the outside: a Samsung-Stellantis joint venture in Indiana, posting revenue, converting a line to LFP. Follow the structure and it gets complicated fast. Samsung's 51% stake is pledged as collateral on a DOE loan already cut from $7.5 billion to $4.1 billion. The anchor customer holds the other 49%. Any external sale has to navigate both constraints before a cell ships. If you're qualifying Korean supply for a US project right now, the route matters more than the logo on the datasheet. This issue follows the routes.