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Tesla CEO, Elon Musk, has introduced a series of battery technology which he claims will revolutionise electric cars such as Tesla itself.

At Tesla's Battery Day event recently, Musk explained the advances as "a massive breakthrough".  He stated that the new technology would dramatically increase the performance of electric vehicles, and will also make them more affordable.

The new Tesla lithium-ion battery will transform the manner in which energy is stored. The battery will offer five-times more energy and a 16% increase in range. Not only will the energy be charged within a lithium-ion battery but will provide 500% more power.

Musk stated that the new battery will allow Tesla to manufacture a $25,000 electric car within the next few years.

However, in order to do this, it was necessary to reimagine the entire legacy supply chain. This included the mining and manufacturing process as well as the recycling process of used batteries.

Tesla will begin to mine elements needed for these next-generation batteries, such as lithium, in an effort to accelerate production.

"There is so much damn lithium on Earth it's crazy. There's enough lithium in the United States alone to transform every vehicle in the country into an electric vehicle," Musk stated.

The new invention will make car batteries 56 per cent cheaper. The new invention will enable the production of Tesla's first truly affordable vehicle.

"We're confident that around three years from now, we'll be able to offer a very compelling $25,000 vehicle, which is also fully autonomous," Musk stated.

Musk also added that Tesla had developed the largest casting machine made thus far, and that Tesla's breakthrough will see the car's battery become an integral part of the vehicle's structure.

"It really took a tremendous amount of effort."

One of Tesla's inventions, The Cybertruck, is the company's attempt to transform the pick-up truck market, and the breakthroughs are part of Tesla's drive to push the transport industry towards renewable energy solutions.

"To achieve the transition to sustainable energy, we must produce more affordable EVs and energy storage, while building factories faster and with far less investment." Musk also added that, ultimately measuring the fundamental good of Tesla, would be by how many years they accelerate sustainable energy.

"This affects long-term production, especially Semi, Cybertruck and Roadster, but what we announce will not reach serious high-volume production until 2022," Musk added.

"The extreme difficulty of scaling production of new technology is not well understood. It's 1,000 percent to 10,000 percent harder than making a few prototypes. The machine that makes the machine is vastly harder than the machine itself."

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