Tesla intends to display its newest battery for electric vehicles in the upcoming annual meeting. The company will be rolling out its battery while detailing the mileage range, the substitute materials for cobalt, and how they will be reducing the production costs of the batteries.
Tesla cannot wholly take credit for developing the battery since the company collaborated with Panasonic in the battery development processes. The two partners have also agreed to a three-year deal. Nevertheless, reports by Electrek show that the company is developing its battery in Fremont, although the process is in its design stage.
Car and Driver anticipated witnessing the performance of this battery capable of covering one million miles. The company revealed that this battery is a product of Tesla’s partnership with China’s Contemporary Amperex Technology Ltd. Car and Driver is expecting to receive heartening news from Tesla’s chief, Elon Musk. Elon had who divulged details concerning the development of the battery and an electric pickup known as Cybertruck.
Other mega releases in the past annual meetings by Tesla include an 18-wheeler in 2017, solar roof tiles, and Powerwall 2 in 2016. Nevertheless, these previous technologies never reached a climax in the market’s adoption, making the upcoming releases a little bit wheezy in acceptance by the consumers.
Although there are negative anticipations about the new battery, analysts say that it would be the best news if only these batteries are affordable, a likelihood that is miraculous considering previous Tesla launches. Nevertheless, Tesla might benefit if the other partner advocates for low prices to catapult sales and adoption of the batteries into the market.
Elsewhere, Nikola entered a contract with GM, which raised its stock prices by close to 50%. GM is a company to watch in this electric vehicle industry, considering it is developing its battery and electrical engineering singularly.
Additionally, GM has entered an agreement with Honda to supply some of its technology yo the company. GM came to support Nikola after it came under fire for speculation of bad business. GM explained that just the way Tesla is collaborating with Panasonic and firms is the same way Nikola is receiving GM’s back up.
Honda is preparing to make GM its supplier of batteries while Tesla’s stocks rise even higher than before. The SEC argues that just the same way Panasonic raised its market share by 10% is also how Nikola’s should be lower than 20. GM challenged this agency to supply evidence of any illegal deals that Nikola might have benefited from the rising to over 30%. In conclusion, the electric vehicle companies are coming under pressure to develop complete vehicle components before taking a total stake in the sales.