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TSLA Stock Down Nearly 1%, Tesla Is Going to Use New Low-Cost Batteries for Its EVs

Tesla Inc (NASDAQ: TSLA) stock continued with the downward movement after opening on May 15. Tesla stock has amazed Wall Street in the past twelve months after gaining over 274% while other carmakers struggle to stay afloat. Now TSLA stock is 0.65% down, trading at $798.10. Meanwhile, it has become known that Tesla is going to introduce new batteries for its EVs, which may help to reduce their price.

In addition, TSLA stock has gained a whopping 89.05% since the beginning of the year to date, indicating a huge rise amid the coronavirus disruption. Trading around $792 at the time of writing, it is much closer to retesting its 52 weeks high of $968.99. It has skyrocketed from trading below $176.99 in the past 52 weeks.

However, Tesla stock has been marred with speculative trading from prominent traders, with CEO Elon Musk’s comments on twitter largely affecting it. The ambitious billionaire, Musk, has recently amazed his followers by doing contrary to the local government of Alameda when he reopened his Fremont based factory.

Sales of the Model 3 sedan in China fell over 64% in April compared with the sales of March. In March, the company sold 10,160 and recorded a sale of 3,635 Model 3 cars in April. With the drop in sales and increased competition from other manufactures, Tesla has been redeveloping its cars component to offer quality and affordable cars.

In a bid to lower the price of the vehicles and still offer a better quality of cars in the market, Tesla plans to introduce a new low-cost, long-life battery in its model 3 sedan in China. This is scheduled to take place later this year or early next year.

According to Reuters.com, Tesla is expecting to bring the cost of electric vehicles in line with gasoline models, hence allowing EVs batteries to have second and third lives in the electric power grid.

The public was expecting such a move as Musk had promised to reveal significant advances in battery technology during a ‘Battery Day’ in late May. Reuters reported that the proposed low-cost batteries are designed to last for 1 million miles.

The battery was jointly developed with China’s Contemporary Amperex Technology Ltd and Tesla engineers. The battery has a greater energy density and storage capacity besides the low cost. The engineers made use of low-cobalt chemicals, and materials on the coating that will reduce internal stress hence enabling it to store more energy for longer periods.

Once implemented, it will push the stock market to the sky, if all other factors remain constant.

TSLA Stock Down Nearly 1%, Tesla Is Going to Use New Low-Cost Batteries for Its EVs

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