Tesla Motors Inc. (NASDAQ:TSLA) shares were up 0.86% on Tuesday shortly after a big announcement from CEO Elon Musk that the electric car maker is launching a 100 kWh battery for its Model S sedan and Model X sport utility vehicle.
Tesla's shares saw even more of a jump of around 2.5% earlier when Musk tweeted that a big product was coming at noon California time.
The new battery pack will make the Model S the world’s fastest production car. The battery will allow the vehicle to drive nearly 507 km on one charge, Tesla noted.
Tesla’s innovative electric cars are powered by lithium ion batteries. To help meet demand, Tesla began building the Gigafactory in June 2014 in Sparks, Nevada, expecting to produce more lithium ion batteries per year than total global production for 2013.
Tesla aims to be able to produce 105 gigawatt hours of battery cells by 2020, Musk said previously.
Tesla shares closed up 0.9% at $224.84.