Tesla Puts a Date on Its ‘Million Mile’ Battery Reveal

Author:
Publish date:
Video Duration:
2:13

Could it be the durable, long-life battery that finally takes on the 100-plus-year-old combustion engine-dominated automotive industry for good?

Tesla (TSLA) - Get 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 confirmed the date for the event on Twitter, which was originally planned for April and then bumped back to July due to the coronavirus pandemic.  

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.

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.

Watch More of the Latest Videos from TheStreet and Jim Cramer