By Tom Gilliam and Alex Seaman / Bloomberg New York, Oct. 10 (Bloomberg) Tesla Motors Inc. is unveiling a new battery pack that promises to surpass the company’s previous lithium ion technology.

Tesla CEO Elon Musk is calling it the Tesla Energy Battery.

The lithium ion batteries are being designed to use a new process to separate lithium from nickel to make them lighter.

Tesla’s battery packs are used in Tesla cars, but they’re mostly for plug-in hybrids.

Musk said Tesla’s first battery pack would have a capacity of 500 miles, and that it would be up to 50 percent lighter than the company used in its earlier lithium ion packs.

Tesla says it will have the battery pack on display in New York City for a media preview at the company�s unveiling next week.

Tesla, which is owned by Chinese company Tesla Capital, said in a statement that it is in discussions with suppliers for the battery, which could be delivered later this year.