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Tesla Inc (NASDAQ:TSLA) CEO Elon Musk hinted that the automaker may be able to double the density of its batteries in three to four years.
What Happened: Commenting on a Twitter thread on Monday, the billionaire entrepreneur said, “400 Wh/kg *with* high cycle life, produced in volume (not just a lab) is not far. Probably 3 to 4 years.”
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Musk’s comments come ahead of the company’s battery day scheduled for Sept. 22, whose invitation held a clue regarding battery developments. A background image used in the invite represented either a carbon nanotube or silicon nanowire.
Amprius, a company that works with silicon nanowire technology, explains that because this technology is of a much higher energy density, lighter batteries holding more charge can be created.
Why It Matters: Notably, Musk replied to a comment in the thread that alluded to the proximity of the headquarters of Amprius to Tesla’s Kato road facility in Fremont, California.
1/ Why does Musk keep hinting at his excitement for an electric jet?
— Sam Korus (@skorusARK) August 24, 2020
In the past he has said that electric flight starts to get interesting once you hit 400wh/kg https://t.co/eHL9ibS5Le
The energy density of the Panasonic Corporation (OTC:PCRFY) manufactured “2170” batteries that are used in Model 3 is nearly 260 Wh/kg, so should Tesla achieve the 400 Wh/kg density, it would have made a 50% jump and be able to obtain a significantly longer driving range, Reuters reported.
Panasonic earlier said it has plans to increase the energy density of 2170 batteries to 20% in five years, as per Reuters.
Tesla battery supplier Contemporary Amperex Technology Co. Ltd, or CATL’s, chairman Zeng Yuqun said in June that it is ready to make batteries that will last nearly 16 years and 1.24 million miles.
Price Action: Tesla shares traded 1.7% lower at $1,980 in the pre-market session Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.