Tesla's battery supplier says it's made a battery that can last 16 years and 1 million miles

CATL Chairman Zeng Yuqun told Bloomberg the battery is ready to produce, and that it is about 10% more expensive than the batteries currently on the market.
Reuters reported in May that Tesla was jointly working on a million-mile battery with CATL. It has not been confirmed whether this is the same battery.
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Tesla's battery supplier says it's made a huge breakthrough in battery technology that could power electric vehicle sales for years to come.

Contemporary Amperex Technology Co. Ltd (CATL), the Chinese car battery giant which supplies Tesla and Volkswagen, claims it is ready to start producing a battery that will last 16 years and 2 million kilometers, or 1.24 million miles, the company's chairman Zeng Yuqun told Bloomberg .

Zeng said the company is ready to start fulfilling orders for the battery, but didn't disclose if anyone had bought any yet. He added the battery costs about 10% more than average EV batteries.

Battery life is one of the main areas holding back electric vehicle adoption, and a truly long-life battery could be a transformative moment for the industry. Batteries are the most expensive part of EVs, and a long-life one could feasibly be transferred into a new car significantly lowering the price point. Per Bloomberg, warranties on current EV batteries cover roughly 150,000 miles or eight years.

Reuters reported in May 2020 Tesla was jointly making a million-mile battery with CATL. Sources told Reuters that Tesla planned to launch the new battery in China first as part of a wider strategy to reposition the company. Business Insider contacted Tesla to ask whether the battery announced by CATL was developed jointly.

In his interview with Bloomberg, Zeng seemed upbeat about the industry's prospects, which took a downturn with the advent of the coronavirus pandemic. "The pandemic may have a lasting effect throughout 2020, but won't be a major factor next year," he said.

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