Tesla will introduce a new battery later this year that promises longer performance and lower cost that will position the auto manufacturer to bring vehicle prices in line with gasoline-powered competitors.
Sources familiar with the auto giant's plans say the batteries will be introduced with the Tesla Model 3 sedan and will be shown first in China.
The battery was developed in a joint project with Chinese battery manufacturer Contemporary Amperex Technology (CATL) and a team of academic battery experts recruited by Tesla CEO Elon Musk.
Cost savings were achieved by reformulating battery chemistry to minimize or eliminate costly cobalt components. Instead, chemical additives will be used along with component coatings that will ease internal battery stress. The new batteries are capable of storing more energy for longer periods of time.
The improved batteries will be capable of lasting though one million miles of use, according to sources familiar with the project, giving rise to the nickname "million-mile battery."
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