Tesla Stock Surges on Word of Affordable Car in Pipeline


  • 2013 Tesla Model S Picture

    2013 Tesla Model S Picture

    Tesla Motors stock opened past the $100-a-share mark on Tuesday on word that an affordable car priced below the 2013 Tesla Model S is in the works. | May 28, 2013

Just the Facts:
  • Tesla Motors stock opened past the $100-a-share mark for the first time in early trading on Tuesday, following confirmation from CEO Elon Musk that a more affordable car is in the pipeline.
  • Musk told Bloomberg that the unnamed Tesla would be priced below $40,000 and reach consumers in "three to four years."
  • Tesla is expected to make an announcement later this week about the expansion of its supercharger network.

NEW YORK — Tesla Motors stock opened past the $100-a-share mark for the first time in early trading on Tuesday, following confirmation from CEO Elon Musk that a more affordable car is in the pipeline.

Musk told Bloomberg that the unnamed Tesla would be priced below $40,000 and reach consumers in "three to four years." Musk said the car will have a range of about 200 miles per charge. The future Tesla electric vehicle is expected to compete against the Nissan Leaf.

Tesla is expected to make an announcement later this week about the expansion of its supercharger network. The stations are located on major U.S. highways and allow consumers to rapidly recharge the 2013 Tesla Model S.

Tesla stock opened at $101.55 on Tuesday and hit $103.21 as of 10:18 a.m. EDT., up 6.13 percent.

Edmunds says: Elon Musk has the common man in mind as he hatches plans for an affordable electric car.

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