The electric-vehicle maker said Tuesday it had revised its 2020 deal with North Carolina-based Piedmont Lithium to buy about 125,000 metric tons of lithium mineral spodumene, which the miner said will come from its offtake agreement with Sayona Quebec. (The Logic)

Talking point: The new deal not only emphasizes the Quebec mineral supply, after Piedmont’s 2021 Sayona investment, but also ties the deal to average market prices instead of a fixed price. Piedmont Lithium CEO Keith Phillips said in a press release that the amendments reflect significant changes in the EV and critical minerals landscape since 2020—a period when North American officials and companies scrambled to seal battery deals, including a Canadian nickel supply deal between Tesla and Vale, ahead of EV adoption targets over the next few years. Tesla CEO Elon Musk lamented last year that lithium prices were “insane” and he would consider refining and mining directly. But Wang Pingwei, chairman of Sinomine Resource, whose lithium firm operates in Canada, said last week he expected a “gradual, downward trend” for prices this year.