Tesla has dominated the electric vehicle market for years and a new breakthrough could ensure it reigns supreme.

The firm's battery supplier, Contemporary Amperex Technology, told Bloomberg that it is ready to produce rechargeable battery that lasts for 16 years or 1.24 million miles before it would need to be replaced.

The China-based company said orders are ready to be filled, but added that the battery will cost 10 percent more than those currently on the market.

News about the secret 'million-mile battery first surfaced last month by sources that said Tesla would launch the new technology in China in a bid to reposition itself.

Sources first revealed last month that Tesla was working on a one million mile battery that 'rely on innovations such as low-cobalt and cobalt-free battery chemistries, and the use of chemical additives, materials and coatings that will reduce internal stress and enable batteries to store more energy for longer periods.' 

Bloomberg spoke with Contemporary Amperex Technology (CATL) Chairman Zeng Yuqun who said they are ready to start fulfill orders, but did not reveal if they had any customers as of yet.