The impact of this innovation on the EV market and the future of the EV industry would be hard to overstate. "That could spur EV sales the same way the first 100,000-mile warranties on gas cars once did," writes CNN. Related: Oil Prices Fall As Demand Outlook Worsens In U.S. "As Elon Musk's Tesla has been talking up new battery technology development as part of the lead-up to the company's first-ever Battery Day for investors, Wall Street is buzzing about the difference the next generation of batteries may make, the CNN report continues. "Vehicles with lithium-ion batteries, also used in cellphones, are expected to give way over the next few years to cars and trucks made with lithium-iron-phosphate and other chemistries. This will cut costs, extend vehicle ranges to 400 miles or more between charges, and enable batteries to last as long as 1 million miles."