07:16 AM EDT, 03/25/2024 (MT Newswires) -- Tesla (TSLA) is working with Contemporary Amperex Technology Ltd. to design fast-charging batteries for electric vehicles that would roll out for under $25,000, Bloomberg News reported Monday.

Robin Zeng, CATL chairman, reportedly told Bloomberg the battery maker can always reduce costs for Tesla's $25,000 car. "If it's for robotaxis, we don't have to worry about the cost reduction for each cell as our batteries have a longer life cycle and so their average cost is actually lower," Zeng said, according to the report.

Zeng also confirmed that CATL is supplying machinery to Tesla's Nevada plant, the report said.

Tesla and CATL did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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