Tesla Inc CEO Elon Musk described a new generation of electric vehicle batteries that will be more powerful, longer lasting and half as expensive than the company's current cells at Tesla's "Battery Day" on Tuesday.

Tesla's new larger cylindrical cells, called 4680, will provide five times more energy, six times more power and 16% greater driving range, Musk said, adding that full production is about three years away.

"We do not have an affordable car. That's something we will have in the future. But we've got to get the cost of batteries down," Musk said.

To help reduce cost, Musk said Tesla planned to recycle battery cells at its Nevada "gigafactory," while reducing cobalt -- one of the most expensive battery materials -- to virtually zero. It also plans to manufacture its own battery cells at several highly automated factories around the world.

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