Elon Musk has been promising Tesla’s (NASDAQ:TSLA) “Battery Day”, where the company is expected to reveal significant advances in battery technology, for many months now. After delays due to the COVID-19 pandemic, Musk announced he will hold his company’s shareholder meeting as well as the “million-mile” battery day on Sept. 22.
The event, which Musk has touted as being “one of the most exciting days in Tesla’s history”, will be held in Fremont, California, at 2:30 p.m. pacific time. Tesla intends to webcast both events live.
Chief Executive Officer of Tesla, SpaceX and The Boring Co. Elon Musk said last month the shareholder meeting would tentatively be held on Sept. 15. The meeting had been scheduled for July 7 but was pushed to a later date following stay-at-home orders due to the coronavirus pandemic.
Million-Mile Battery
Tesla is expected to reveal on Sept. 22 an affordable, long-lasting battery that can be driven one million miles – that’s a million miles of total use, not to be confused with a million miles range on a single charge.
According to a recent Bloomberg report, the new battery, which would open the door for Tesla’s robotaxi platform once level 5 autonomy is implemented in its vehicles, has been designed to last for 16 years.
Bberg revealed in its report that Chinese battery firm Contemporary Amperex Technology believes it is ready to start production on a battery that can run for 1.2 million miles. The batteries Tesla currently uses in its Model 3 and Y are designed to last anywhere from 300,000 to 500,000 miles.
Price Action
Tesla shares closed 150 points, or 10.78%, higher at $1544.65 on Friday. TSLA has experienced a parabolic rise in 2020, spiking from $430 to the mid $1,500 level, good for a 260% gain.
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