Tesla CEO Musk’s upbeat tweets about China boost stock

31 Mar 2015 | Author: | No comments yet »

Elon Musk’s $1bn tweet: news of secret product line sees Tesla shares soar.

San Francisco – Tesla Motors shares jumped on Monday after co-founder Elon Musk tweeted that the company would unveil a “major” new product line next month, leaving analysts guessing. Elon Musk, the billionaire technology entrepreneur, has announced a “major” new Tesla product line that is “not a car”, in a cryptic tweet which has left millions guessing. Some reports said Musk was likely referring to a home battery based on a design used in the Tesla vehicles, about which he spoke during a February earnings call. “We’re going to unveil some of the Tesla home battery or consumer battery that will be for use in people’s houses or businesses, fairly soon,” he said at the time. Shares in the electric car jumped to nearly 4 percent in just 10 minutes – adding a staggering $900 million (£600 million) to the company’s market cap in just 115 characters. It isn’t clear exactly what’s up Tesla’s sleeve — but there’s a strong case the new product will be a large battery that can power homes or businesses.

Last year, Tesla Motors unveiled plans for a $5billion ‘Gigafactory’ designed to help the firm ramp up production of batteries for its electric cars, and now homes. It’s really great.” Tesla has already been supplying home battery technology to its parter SolarCity, which has made them available in small parts of California.

Tesla said the factory will cut current battery production costs by up to 30 per cent, and will be powered predominantly by renewable energy sources, such as wind and solar. Elsewhere, Mr Musk is already the chairman of SolarCity – a company that offers solar power systems for homes – and Tesla’s home battery could be an extension of this.

Tesla is building the world’s biggest battery factory in Nevada — a $5 billion project that Musk says will reduce the price of battery storage by 30 percent. If Tesla is indeed taking the lessons it has learned in battery design and applying them to home power, it could prove disruptive for utility companies.

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