The company that makes Tesla’s batteries is working on a million-mile battery
This could help reduce the cost of owning an electric vehicle.
The battery maker that supplies Tesla and Volkswagen has hit a huge mileage milestone with its latest battery – that of one million miles. Contemporary Amperex Technology Co (CATL) has told Bloomberg that the company has a million-mile, 16-year battery that is ready for production at this time.
That’s likely the same battery that Tesla was reportedly working on with CATL back in May, although that’s not confirmed at this time. According to CATL’s Chairman, Zeng Yuqun, the battery costs about 10-percent more than the average battery for an electric vehicle (EV).
Still, that extra initial cost will likely work out as a cheaper cost of ownership for equipped EVs, as the battery lasts longer. Compare that with warranties on existing EV batteries that cover them for 150,000 miles or eight years, and you can see why the extra cost is warranted for the owner. They could even be transferred into a new car, significantly lowering the price of purchasing a new vehicle.
That increased cost might not be long term either, as earlier reporting by Reuters said that subsequent versions of the million-mile battery would be substantially cheaper, bringing EV costs down to those of gasoline-powered vehicles. If so, that could seal Tesla’s future as the higher cost is one of the reasons putting off potential owners.
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