Tesla's 2170 Battery Cells To Receive 20% Energy Density Improvement: Report

Tesla Inc (NASDAQ:TSLA) already has some of the most energy-dense electric vehicle batteries available, with the company's Model S able to travel over 400 miles on a single charge.

Now it looks like Tesla's vehicles will be able to travel even farther, as a report from Reuters details Panasonic's (OTC:PCRFY) lans for future improvements.

Over the next five years, Panasonic is planning to increase energy density by 20%, while also having cobalt-free batteries available in the next two to three years, according to Reuters. The 2170 cells that will be receiving these improvements are currently found in Tesla's mass-produced Model 3 and Model Y vehicles.

Removing cobalt from Tesla batteries has long been a goal for CEO Elon Musk.

Benzinga's Take: It's seeming battery day on Sept. 22 will have a lot of new information for investors. More dense cells could lead to cars with longer electric range, or it could lead to the same range with a reduction in vehicle weight and cost. At some point, more range doesn't make sense, especially as charging times decrease.