Tesla Shares Rose As Musk Announce Longer Range Battery

Tesla Motors Inc. announced the P100D Battery Pack capable of going up to 315 miles/506km on a charge, 0 to 100km/h in 2.5 seconds.

The company unveiled new versions of its Model S sedan and Model X sport-utility vehicle with 100 kilowatt-hour batteries; previously the largest battery size was 90 kwh. The upgrade—which Tesla executives said was made possible by increasing the energy density of its battery packs.

The 315-mile range sets a new benchmark for both engineers and consumers looking to lessen fears about so-called range anxiety, which drivers encounter when traveling longer distances in an electric car.

Tesla’s Model S sedan will get the 315-mile range. The heavier SUV won’t be able to travel as far on a charge.

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In a conference call, Tesla Chief Executive Elon Musk said Tesla will now offer the “fastest car in the world,” and he said the fact the vehicle is an electric one is a milestone that foreshadows the future of the auto industry. Tesla claims the 100 kwh sedan can travel from 0 to 60 miles an hour in 2.5 seconds, while the SUV can achieve it in 2.9 seconds.

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Mr. Musk said the company will make 200 packs a week due to production constraints. That represents about 10% of the company’s volume, he said.

Tesla shares rose less than 1% to $224.84 at 4 p.m. in Nasdaq trading on Tuesday. – Article published on WSJ

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