Tesla Inc (NASDAQ:TSLA) already has some of the most energy-dense electric vehicle batteries available, with the company's Model S able to travel over 400 miles on a single charge.
Over the next five years, Panasonic is planning to increase energy density by 20%, while also having cobalt-free batteries available in the next two to three years, according to Reuters. The 2170 cells that will be receiving these improvements are currently found in Tesla's mass-produced Model 3 and Model Y vehicles.
Removing cobalt from Tesla batteries has long been a goal for CEO Elon Musk.
Benzinga's Take: It's seeming battery day on Sept. 22 will have a lot of new information for investors. More dense cells could lead to cars with longer electric range, or it could lead to the same range with a reduction in vehicle weight and cost. At some point, more range doesn't make sense, especially as charging times decrease.