• Tesla may be preparing to reveal an electric-vehicle battery that could last one million miles, Wedbush Securities analysts Dan Ives and Strecker Backe said in a note to clients published on Monday.
  • Reuters reported in May that Tesla planned to introduce a lower-cost electric-vehicle battery with a million-mile range this year or in 2021.
  • Tesla may hold the first part of an event for investors and analysts focused on battery technology in June.
  • Are you a current or former Tesla employee? Do you have an opinion about what it’s like to work there? Contact this reporter at mmatousek@businessinsider.com.
  • You can also reach out on Signal at 646-768-4712 or email this reporter’s encrypted address at mmatousek@protonmail.com.
  • Visit Business Insider’s homepage for more stories.

Tesla may be getting closer to unveiling an electric-vehicle battery that could last one million miles, Wedbush Securities analysts Dan Ives and Strecker Backe said in a note to clients published on Monday.

“In our opinion this battery technology will be very advanced, potentially last for decades, withstand all types of weather/terrain, and be another major milestone for the Tesla ecosystem,” Ives and Backe said. “In theory, this battery will support an electric vehicle for 1 million miles and be a major step forward when competing vs. traditional gasoline-powered automotive competitors from both [a return-on-investment] and environmental perspective.”

In May, Reuters reported that Tesla planned to introduce an electric-vehicle battery that would last for a million miles and cost less than the company’s current batteries this year or in 2021. Tesla is planning to hold an event for investors and analysts focused on its battery technology in the near future; the electric-car maker’s CEO, Elon Musk, said in May that the event could take place in two parts, with the first part being held over webcast in June. 

The battery is the most expensive part of an electric vehicle, though battery costs have plummeted over the past  decade. In 2019, Cairn Energy Research Advisors estimated that electric-vehicle battery packs made with cylindrical cells, the kind Tesla uses, cost less than packs with the kinds of cells used by Porsche, Chevrolet, and BMW. Cairn predicted battery-cell costs would continue to decline over the next decade.

“Another linchpin to Tesla’s battery innovations and the Street’s focus of the upcoming Battery Day will be reducing battery production costs to the key $100/kWh threshold, as this would give Tesla much more financial flexibility around pricing on current and future EV models with price parity,” Ives and Backe said in the Monday note.

Are you a current or former Tesla employee? Do you have an opinion about what it’s like to work there? Contact this reporter at mmatousek@businessinsider.com. You can also reach out on Signal at 646-768-4712 or email this reporter’s encrypted address at mmatousek@protonmail.com.

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