Boston, MA 09/23/2013 (wallstreetpr) – The market is abuzz with news about Tesla Motors Inc (NASDAQ:TSLA) building a low cost electric vehicle. This car might be sold for a cost of approximately $35,000. The main reason why electric cars cannot be priced lower is because their batteries are very high-priced. Very recently, the company has filed a patent for new metal-air batteries. But industry watchers are of the opinion that that is one patent that might not see the light of day.
Low cost batteries
Trip Chowdhry, an analyst at Global Equities Research spotted this patent. This has been described as a hybrid battery-pack that might just give Tesla Motors Inc (NASDAQ:TSLA) vehicles a 400 miles range. It is made up of metal air and lithium ion batteries. The Lithium ion batteries are the ones that are used first. Once those have been drained out, the metal air batteries supply power to the engine. Charging metal air batteries very frequently shortens their life and thus using them in this manner means that they will last longer and perform better.
What is important is that the material that goes into their manufacture is much cheaper than the ones that lithium batteries are made of. The former batteries use air in the process that is used to generate electricity. News has it that Toyota is making very strong research efforts to develop metal air batteries primarily due to their low cost.
Friday’s trading
In Friday’s trading, Tesla Motors Inc (NASDAQ:TSLA) rose by 3.07%. The opening price of the company’s shares was $178.90 which climbed up to an intraday high of $185.83 and then fell to close at $183.39. Approximately 13.38 million shares were traded on Friday. An average volume of 10.33 million shares were traded over a period of 30 days. The 52-week low of the shares is $26.86 and the 52-week high is $185.83. The company has a market capitalization of $22.27 billion.
