Tesla’s readying a ‘million mile’ battery that could greatly lower the cost of EVs

Tesla is getting ready to introduce a long rumored lower-cost, longer-lasting battery for its electric vehicles in China sometime later this year or early next year, according to a new report from Reuters. The battery — which has been colloquially called a “million mile” battery in reference to how long it can last in a car before breaking down — is being co-developed with Chinese battery giant Contemporary Amperex Technology Co. Ltd (CATL) and was designed in part by battery experts recruited by Tesla CEO Elon Musk.

Tesla is already...