It’s reported Tesla is planning to launch a new battery solution which will make its electric car prices comparable with traditional internal combustion engined models.

Reuters reports that CEO Elon Musk plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China later this year or early next which are designed to last for a million miles of use.

Sources told Reuters that Tesla’s new batteries will rely on innovations such as low-cobalt and cobalt-free battery chemistries, and the use of chemical additives, materials and coatings that will reduce internal stress and enable batteries to store more energy for longer periods.