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Tesla to Slash its Vehicle Costs with New ‘Million Mile’ Low-Cost, Long-Life Battery

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Citing people familiar with the company’s plans, a report by Reuters is claiming that Tesla is planning to introduce a secret new ‘million mile’ battery in its Model 3 sedan in China later this year. The new low-cost, long-life battery will bring the cost of Tesla’s electric vehicles in line with gasoline models (via AutoBlog).

Tesla

According to the source, the new low-cost batteries are designed to last for a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle.

Tesla’s new ‘million mile’ battery was jointly developed with China’s Contemporary Amperex Technology Ltd (CATL) and deploys technology developed by the electric car maker in collaboration with a team of academic battery experts recruited by CEO Elon Musk.

Eventually, improved versions of the battery, with greater energy density and storage capacity and even lower cost, will be introduced in additional Tesla vehicles in other markets, including North America, the sources said.

Tesla’s new batteries will rely on innovations such as low-cobalt and cobalt-free battery chemistries, and the use of chemical additives, materials and coatings that will reduce internal stress and enable batteries to store more energy for longer periods, sources said.

Tesla is also said to be planning to implement new high-speed, heavily automated battery manufacturing processes designed to reduce labor costs and increase production capacity.

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