Tesla's battery supplier says it's made a battery that can last 16 years and 1 million miles

Tesla's battery supplier says it's made a huge breakthrough in battery technology that could power electric-vehicle sales for years to come.

Contemporary Amperex Technology Ltd., the Chinese car-battery giant that supplies Tesla and Volkswagen, is ready to produce a battery that can last 16 years and 2 million kilometers, or 1.24 million miles, the company's chairman, Zeng Yuqun, told Bloomberg over the weekend.

Zeng said the company was ready to start fulfilling orders for the battery but didn't disclose whether anyone had bought any yet. He added that the battery cost about 10% more than average EV batteries.

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