Nissan hopes that recycling batteries and re-using them in electric vehicles will help lower production costs as the price of rare metals rise, the daily Nikkei reported.

Tesla says the battery will store more energy, halve battery costs and drive a 100-fold increase in battery production by 2030.

CEO Ola Källenius, speaking during the company's opening of its first U.S. EV battery factory, also affirmed the company's 2022 financial outlook remained in place despite the conflict.

Panasonic plans to boost battery density by using a new mix of additives to allow individual cells to run at a higher voltage without damaging battery performance.