Report: Tesla Battery Research Work May Pay Off Soon
Electric vehicle maker Tesla (NASDAQ: TSLA) plans to unveil a new lower cost, longer life battery for its China-made Model 3 sedans, according to a Reuters report. Tesla expects the new batteries, which will be introduced later this year or early next year, to bring electric vehicle costs down to levels in line with internal combustion engine vehicles, the report says. The report also said the new batteries are expected to be able to be repurposed for use in electric power grids.
In the company's earnings conference call on April 29, CEO Elon Musk said the company will hold a "battery day" possibly in the third week of May (that's next week), though he didn't give a specific date. Musk said, "I think it would be one of the most exciting days in Tesla's history."
Source Fool.com
