Tesla Shares Surpass $100 For the First Time image

As Tesla will announce this week the expansion of its charger network, the company’s shares surpassed $100 for the first time.

At 10:13 a.m. New York time Tesla increased 6.4% to $103.30, which means shares almost tripled this year so far. Earlier this month Tesla CEO Elon Musk said that the announcement regarding the expansion of the supercharger network had to be postponed as the automaker repaid last week the loan offered by the Energy Department in 2009. Therefore the automaker became the first company to fully repay its US loan.

In 2012 Tesla began installing solar-powered supercharger stations in the US, which offer extended driving range and rapid recharging for the Tesla Model S, which has a base price of $69,900 and can travel 265 miles (426 kilometers) on a single charge. Most of the chargers have been installed in California, but beginning this week Tesla will expand the network of chargers.

With the new 440-volt fast-charging system called ‘Supercharger’, Tesla reduces the charging time to an hour. The company added that the Supercharger is not for daily use, but to refuel quickly on road trips. Tesla already made a very good impression with its efficient, and attractive 2012 Model S. Bringing this new fast-charging system the company will definitely lift the bar higher.

Source: Bloomberg