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 The Elon Musk-led company is working on a new battery for its Model 3 vehicles in China that confers two advantages, low cost and long life, Reuters reported Thursday. 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. Related Links:Mike Khouw's Tesla Options Trade: All-Time High A Resistance Level Musk Is 'Dead Right,' Says Cramer On Tesla Reopening California Factory Photo courtesy of Tesla. See more from Benzinga * Tesla Negotiates 5M Loan In China Amid Factory Shutdowns, Shrinking Sales * Tesla Reportedly Halts Production At Chinese Factory, Bringing Global Production To Standstill * 6 Reasons Why Morgan Stanley Says Tesla's Next Gigafactory Location Is Texas(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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