Tesla to Unveil Electric Vehicle Batteries That Last a Million Miles
Elon Musk reportedly wants to rival power companies like PG&E
Mark my words, one day there’s going to be a three-hour-long film biopic like The Aviator about Elon Musk. But instead of showing Howard Hughes simultaneously building the Spruce Goose while grappling with OCD, it’ll show the Tesla CEO tweeting about freeing America with ice cream sundaes in martini glasses while also building the technology that would spur the electric vehicle revolution.
I’m not talking about the Tesla Model 3, I’m talking about an EV battery that can last for a million miles or more. Back in September 2019, we relayed a report that Tesla had invented the groundbreaking technology; but on Thursday, Reuters confirmed the speculation.
“[Tesla] plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China later this year or early next that it expects will bring the cost of electric vehicles in line with gasoline models, and allow EV batteries to have second and third lives in the electric power grid,” wrote Reuters.
How big of a deal is this? In the last year, the industry warranty average has been in the ballpark of eight years and 100,000 miles for an EV battery, with a few Tesla models offering up to 150K. Not only would a million-mile battery blow away any competition in the electric car market, if the prices are as low as expected, it could lead to the mass adoption of EVs which has been forecasted, but hasn’t played out.
So what do they mean by Tesla’s “power grid” ambitions? In effect, because the batteries will have a significantly longer life, and because the company is looking at ways of recycling and reusing the technology which has come under fire for not being environmentally friendly, Musk plans to take them from cars and use them in energy grid storage. According to anonymous sources who spoke to Reuters, “Tesla’s goal is to achieve the status of a power company, competing with such traditional energy providers as Pacific Gas & Electric (PCG_pa.A) and Tokyo Electric Power (9501.T).”
We apparently won’t have to wait long for the official announcement, either. Musk has reportedly been talking about holding a “Battery Day” reveal later this month.
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