"Tesla acquired Hibar, a Canadian company with expertise in automated battery manufacturing for electric vehicles, laptops, and others. This will help Tesla accelerate its plans to manufacture its own battery cells. Although the company has no plans to abandon its current battery suppliers, Panasonic and LG Chem, the acquisition is not the first in this space for Tesla. It aims at creating bespoke battery solutions for longer range and increased lifecycles to create differentiation instead of increasing competition in the electric vehicles sector. Tesla also struck a five-year research agreement with Jeff Dahn, whose team published a paper on a long lifespan battery (million-mile battery) being a possibility. Since battery capacity, range, and lifespan all are important concerns in the electric vehicle industry, making a breakthrough innovation in any of these can be a big differentiator for Tesla." – Shobhit Srivastava