Tesla, an electric car pioneer, is set to introduce a new-low cost battery for its Model 3 vehicle in China later this year.

There is a possibility that the new battery will be released next year.

The company, which develops sedans, pick-up trucks, and electric supercars, believes that the battery will help them bring the cost of electric vehicles extremely low.

It will also allow the batteries to have second and third lives, making them almost equal to normal diesel and petrol cars.

This also means that the company will help them keep their prices low.

One of the most expensive parts of an electric vehicle is its battery, and with this new innovation, we are going to see a huge decrease in the price of the vehicle in the near future.

Dan Ives and Strecker Backe, who are from Wedbush Securities, an investment firm, explained what the new battery of Tesla means for the future of electric vehicles out there.

They said:

In our opinion this battery technology will be very advanced, potentially last for decades, withstand all types of weather/terrain, and be another major milestone for the Tesla ecosystem. In theory, this battery will support an electric vehicle for 1 million miles and be a major step forward when competing vs. traditional gasoline-powered automotive competitors.

The battery technology that Tesla is currently working on will include low-cobalt and cobalt-free versions of chemicals used, as well as newly developed materials and internal coatings to reduce the stress upon the active components and prolong their useful life.

Tesla is yet to release a comment about the incident.