Piedmont Lithium Stock Is Soaring After Amended Tesla Deal

Lithium-mining start up

Piedmont Lithium

and electric-vehicle giant

Tesla

have amended a deal that will give Tesla greater domestic supply of the metal that goes into EV batteries.

Tuesday, Piedmont (ticker: PLL) announced it and Tesla (TSLA) “mutually agreed” to amend a previous offtake agreement. Under the pact, Piedmont will deliver approximately 125,000 metric tons of spodumene concentrate to Tesla beginning in the second half of 2023 through the end of 2025.