Tesla's secret batteries aim to rework the maths for electric cars and the power grid
- Electric car maker Tesla plans to introduce new, low-cost batteries in its Model 3 sedan in China by early next year
- The new ‘million mile’ battery was jointly developed with China’s Contemporary Amperex Technology Ltd (CATL), sources say
New, low-cost batteries designed to last for a million miles of use and enable electric Teslas to sell profitably for the same price or less than a petrol vehicle are just part of Musk’s agenda, people familiar with the plans told Reuters.
With a global fleet of more than 1 million electric vehicles that are capable of connecting to and sharing power with the grid, Tesla’s goal is to achieve the status of a power company, competing with such traditional energy providers as Pacific Gas & Electric and Tokyo Electric Power, those sources said.
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.