It’s still a way off before we actually see them in vehicles but as battery costs are the biggest factor in buying EVs it is this type of innovation (and more will follow even from outside of Tesla) which will make EVs truly affordable to the ordinary driver.
The 4680 batteries will also be Cobalt-free using Nickel instead, which is mined more widely than Cobalt.
See Tesla announces "tabless" battery cells that will improve range of its electric cars
The company is bringing battery production in-house.