Tesla plans to debut low-cost electric car batteries that can last up to a million miles and could make electric Tesla models the same price or even less than a car run by gasoline. 

These low-cost batteries would first appear in Tesla’s Model 3 in China later this year or early 2021. Other markets, like North America, would follow after, according to an exclusive report from Reuters. 

The “million-mile” battery would use low-cobalt and cobalt-free battery chemistries since cobalt is what drives up electric vehicle battery prices. Tesla’s new battery would also use “chemical additives, materials, and coatings that will reduce internal stress and enable batteries to store more energy for longer periods,” Reuters reports. 

Tesla also plans to cut costs in how these batteries are made by reportedly implementing automated manufacturing processes and increasing production rates in the company’s factories. 

Right now, Tesla’s Model S is the cheapest vehicle in the company’s lineup, starting at $39,990 at the very base price. If the new battery proves to be more affordable, it could drastically reduce the price, making Tesla models more widely available to more drivers. In an even broader sense, it would allow more people the ability to buy electric cars over gasoline ones. 

Aside from batteries, Tesla also has its eye on expanding its business to achieve the status of a big power company, according to the new report. Tesla reportedly wants to supply electricity to both drivers and companies in the future. 

Tesla currently produces solar roofs and solar panels, as well as backup home batteries that individuals and businesses can purchase, but adding more power options to people could expand Tesla far beyond that of an electric car company. 

Digital Trends reached out to Tesla to comment on the new batteries and the move to become a power company. We will update this story when we hear back.