Tesla Motors, the California-based electric vehicle manufacturer, nailed a ten month high for its stock after the youngest publicly traded US automaker detailed the latest set of upgrades to its Model S electric limousine.
The company’s shares soared 2.8 percent to $282.26 at the close in New York on Monday, hitting the best price at the end of day since Sept. 4, 2014. Tesla announced late last week on Friday it was enhancing its flagship Model S electric limousine, such as enhancements to the battery range through the use of new silicon-anode technology – allowing for better range from the same physical dimensions. It also included for those that still need an “over the top” approach the aptly named “Ludicrous Mode” feature that can lower the zero to 60 miles (97 kilometers) per hour time from the already astonishing 3.2 seconds to the supercar territory of 2.8 seconds. The new, 90 kilowatt-hour battery also enhanced the overall range of the luxury model. The latest installments also included a cheaper base model with rear-wheel drive that costs around $70,000, about $5,000 less than the all-wheel-drive version.
“Tesla continues to advance its technology, which allows for greater range, better performance and increasing access into a broader addressable market,” commented Ben Kallo, an analyst at Robert W. Baird & Co. in a note to the firm’s investors. The company has said it would sell this year 55,000 vehicles and plans to support the threshold with the introduction of the much-awaited second entry – the Model X crossover – later during this quarter.