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Tesla to Reveal ‘Million Mile’ Battery on Sept. 15

Tesla CEO Elon Musk will reveal details of a 'million mile' battery on Sept. 15 at the company’s annual shareholder meeting.

Tesla  (TSLA) - Get Tesla Inc Report is now planning on holding its so-called Battery Day on Sept. 15, the day of the company's shareholders meeting when it will reveal details about its “million mile” battery.

Tesla CEO Elon Musk on Friday confirmed the date for the event, which was originally planned for April and then bumped back to July due to the coronavirus pandemic.

The event will include a tour of the company's cell production system, according to CEO Elon Musk.

Musk and Tesla have been working on a long-range and long-life battery that is equal to if not greater than the efficiency and production cost of gasoline-powered vehicles.

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Tesla and China’s Contemporary Amperex Technology Ltd. are jointly developing batteries designed to last a million miles of use and enable Tesla vehicles to sell profitably for the same price or less than a gasoline vehicle, according to reports. 

Musk told investors and analysts earlier this year that the information about the battery tech “will blow your mind. It blows my mind.” Tesla held a similar event focused on self-driving technology in April 2019.

Meantime, Tesla last week inked a deal with cobalt-production giant Glencore to secure some 6,000 tons of the rare-earth mineral a year. Cobalt is a key ingredient in the production of batteries. 

The cobalt purchases come as Tesla looks to secure enough of the rare metal to both boost output at its China and soon-to-open German gigafactories and also keep competition at bay.

Shares of Tesla were down 0.41% at $996.81 in trading on Monday.