There now exists a million-mile battery that can last up to 16 years of usage and can be used to run a million miles in its lifetime, and the company behind it is Tesla's battery supplier.
The Million-Mile Battery is Here
According to Business Insider, this breakthrough in battery technology has been made by Chinese company Contemporary Amperex Technology Co. Ltd, (CATL), which supplies batteries for Tesla and Volkswagen.
In an interview with Bloomberg, CATL Chairman Zeng Yuqun confirmed that the company is now ready to produce these batteries, which could last 16 years of use and 2 million kilometers or 1.24 million miles.
However, they have not disclosed whether there are already any buyers yet.
In context, the distance would allow car owners to circle the globe 50 times and is a far stretch from the current warranty of a battery of an electric vehicle these days that covers eight years or 150,000 miles only.
Lowering the Cost of EV Ownership
The company believes that this is the answer to reducing the costs of owning an electric vehicle.
In addition, longer battery life will encourage more people to make the transition and turn to electric vehicles since it's one of the reasons why people are holding back in buying EVs, especially as these parts are the most expensive part of any electric car.
Although the million-mile battery would cost 10% more than the average battery, it could be passed into a new car, meaning an EV owner won't have to change a new battery after a few years.
CATL also believes that the breakthrough would be a positive for the industry and that they'll be able to recover the sales momentum they have lost due to the coronavirus pandemic that struck the world.
Did Tesla Work with CATL for the Battery's Development?
It is believed that Tesla is working with CATL to bring the million-mile battery to consumers as Reuters reported last month that Elon Musk's company was jointly making the new battery with their battery supplier.
According to the report, sources said they would be launching the new battery in China first, as a part of a broader strategy to reposition the company.
Nevertheless, there is still no confirmation from either Tesla or CATL whether the battery was developed jointly or if it was a solo endeavor by the Chinese company.
Meanwhile, Zeng's interview showed that he seems upbeat about the battery industry's prospects that took quite a fall at the beginning of the coronavirus pandemic, saying, "The pandemic may have a lasting effect throughout 2020, but won't be a major factor next year."
The company founder believes that the industry's sales will pick up by the start of 2021 and that electric vehicles will be able to weather the economic slowdown brought by the pandemic much better than gas guzzlers.
Experts even predict that EV sales will increase by 8.1% in China and 5% in Europe.
Besides CATL and Tesla, General Motors Co. has also shown interest in creating a million-mile battery and said last month that they are close to doing it.
