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Tesla plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China later this year or early next.

It expects the battery will bring the cost of electric vehicles in line with gasoline models, and allow EV batteries to have second and third lives in the electric power grid.

The battery was developed in a joint project with Chinese battery manufacturer Contemporary Amperex Technology (CATL) and a team of academic battery experts recruited by Tesla CEO Elon Musk.

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