Electric vehicle pioneer Tesla Inc (NASDAQ: TSLA) is going all out to make alternative energy vehicles more affordable for consumers.
Tesla Working On New Battery
More details could be come at Tesla's Battery Day, with Musk hinting on the first-quarter earnings call that the event could be held in the third week of May.
When asked for a preview of the event, Musk said: "We want to leave the exciting news for that day, but there will be a lot of exciting news to tell. And I think it would be one of the most exciting days in Tesla's history."
Competitive With Gasoline Vehicles
The new batteries are reportedly made to last for 1 million miles, which would help sell Tesla's EVs at the same price or less than a gasoline vehicle, Reuters said, citing people familiar with the plan.
"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 PG&E Corporation (NYSE: PCG) and Tokyo Electric Power," the report said.
The report also said the new battery is being developed in partnership with CATL, with a team of academic battery experts recruited by Musk also pitching in their expertise.
Tesla shares were down 1% at $795.29 at the time of publication Friday.
Photo courtesy of Tesla.