Core supplier Panasonic is developing new technology, Tesla (TSLA.US) batteries are expected to reduce costs and increase range.

According to the Wisdom Financial APP, Tesla's battery supplier Panasonic plans to develop a higher capacity electric vehicle battery in about two years, with the goal of completing the development by the end of 2027. The Japanese company stated that if this goal can be achieved, the range of Tesla's most affordable SUV, the Model Y, could increase by nearly 90 miles without changing the current battery pack size; or, by maintaining the current range and shrinking the size of the battery pack, Panasonic may be able to use this technology to manufacture a lighter and possibly lower-cost battery version.