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Electric car pioneer Tesla is planning to introduce a new low-cost battery for its Model 3 sedan China later this year or early next, Reuters reports.
The company, which is seen as the trailblazer in electric vehicles, expects that it'll bring the cost of electric vehicles down.
It will also allow the batteries to have second and third lives, making them more equal to normal petrol and diesel cars.
It means that the scope for electric vehicles has changed as Tesla tests the boundaries and pushes forward with innovation in the industry.
Being the most expensive part of an electric vehicle, the past few years have seen the cost of batteries fall and in turn electric vehicles have become more affordable.
Dan Ives and Strecker Backe from investment firm Wedbush Securities explained to Business Insider what Tesla's new battery means for the future of electric cars.
They said: "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. 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."
LADbible has contacted Tesla for a comment.
Tesla must be doing something right, with Elon Musk paying himself one of the biggest performance-based compensations in US history, earning a huge $700 million (£567m), as confirmed by Tesla last Thursday.
The CEO's payout was triggered after the company reached a few of its targets, including hitting $20 billion (£16.2bn) total revenue for its last four quarters.
Musk has chosen not to have a base salary with the company, instead opting for deeply discounted Tesla shares.
And it looks like it's paid off. Going down as one of the biggest payments in the country's history, it's the first of 12 bundles he will receive when his company meets its financial goals.
However, another stockholder in Tesla is challenging his actions, saying that it is an excessive amount and a breach of the moral integrity of board members.
The filing said that Musk is able to purchase 1.69 million shares of Tesla stock at the discounted cost of $350.02 (£280) each - although it wasn't made clear whether he did or not.
The payout he got is based on the difference between the option price and Thursday's closing share price of $805.81 (£650).
Having that option was part of a compensation package which was approved by the board back in 2018.
Tesla was also confirmed to have reached the milestones of hitting a total market value of $100bn (£81bn) on a six-month average, including at least 30 consecutive days.
It also was confirmed that Tesla reached $1.5bn (£1.2bn) in adjusted pretax earnings, although that one milestone still needs to be certified.
Musk successfully sent two NASA astronauts in to space on Saturday (30 May) as part of his SpaceX programme.
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