Tesla’s “Battery Day” event, held on September 22nd, 2020, was a showcase for Elon Musk to show off his company’s latest battery improvements.
Tesla unveiled plans to develop a “million mile” battery that could last an electric car’s entire lifetime on the road. It also outlined plans to dramatically reduce the cost of its battery cells and packs to $100 per kilowatt-hour, at which point experts believe electric cars will become comparable in price to combustion engine vehicles.
Tesla is already the industry leader when it comes to squeezing range out of lithium-ion batteries in electric cars, but its ability to continue to innovate on its battery technology helps explain why the company’s stock prices have soared in recent months.
