2/18, 10:35 AM (Source: TeleTrader)
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Tesla considers using cobalt-free batteries - report

American vehicle manufacturer Tesla Inc. is in serious talks with Chinese battery manufacturer CATL to use cobalt-free batteries in vehicles produced in one of its Chinese plants, according to a person familiar with the matter, quoted by Reuters.

In its effort to lower the production costs Tesla is said to have been looking to supply its passenger vehicles with lithium iron phosphate (LFP) batteries, as they are much cheaper than its existing nickel-cobalt-aluminum (NCA), which are packed with higher energy density. In order to boost the density of its LFP batteries, CATL reportedly has been developing its so-called cell-to-pack technology.

Meanwhile, Tesla announced it will host a battery event sometime in April 2020 in order to present its future battery strategy and technology, as Tesla's CEO Elon Musk tries to keep his promise that Tesla would reduce the cost of cobalt, which currently costs around $33,500 a tonne.

In the premarket trade on Tuesday Tesla stock slid 1.58% to $787.40 at 4:13 am ET.

Breaking the News / BJ