In context: Electric vehicles are much better overall now than they were a decade ago, but they still have a few key shortcomings; mostly relating to their batteries. Range anxiety is less of a problem these days, but eventually, after several years have passed, an EV battery simply won't be able to hold its charge as well as it once did.

This is, for the most part, an unavoidable problem with modern battery technology. However, some corporations are attempting to mitigate the issue by developing new battery cells that can last much longer before degrading to near-uselessness.

As reported by Bloomberg, one such company is Contemporary Amperex Technology Co. Ltd. (CATL). CATL is apparently already prepared to begin production on batteries than can last an astounding 16 years, or 1.24 million miles, before needing a replacement.

For reference, many current EV batteries are rated for about 200,000 miles of usage, so that's quite a significant leap forward.

These new long-lasting batteries would cost about 10 percent more to produce on average, according to CATL Chairman Zeng Yuqun. That's not an insignificant price increase, but many EV makers will likely see it as a worthy trade-off -- consumers may be more willing to adopt EVs if they can be certain the batteries won't need to be replaced for at least a decade.

It remains to be seen how many companies will place an order with CATL for its new batteries.