The plan includes a new battery cell design with five times the energy, six times the power, and a 16 percent increase in driving range, which Tesla says will offer an improvement in both energy density and cost, Deutsche press agency (dpa) reported.
The company has already started manufacturing the new battery cells.
The news was met with enthusiastic car horn beeps from shareholders who were listening to the presentation during Tesla’s "Battery Day" from their vehicles in an effort to maintain social distancing.
Musk had been promising for months to host the Battery Day event, which was delayed by the pandemic. It was held Tuesday in conjunction with the company’s annual shareholder meeting.
Battery technology is the central component behind Tesla's electric vehicles, and much of the company's success lies in its ability to drive down the cost of the battery cells used in its electric vehicles while also offering long driving ranges.
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