Make us your home page
Instagram

Tesla stock motors past $100

A Tesla Model S, shown outside the Tesla factory in Fremont, Calif., can travel up to 265 miles per charge.   

Associated Press (2012)

A Tesla Model S, shown outside the Tesla factory in Fremont, Calif., can travel up to 265 miles per charge. 

Tesla Motors, the electric-car maker led by Elon Musk, rose past $100 a share for the first time as it prepares to announce an expansion of its charger network for its vehicles this week.

Tesla gained 14 percent to $110.33 at the close in New York. The shares have more than tripled this year through Tuesday, compared with a 16 percent increase for the Russell 1000 Index.

Chief executive officer Musk said on May 20 that the announcement of the expansion of its so-called supercharger network was being pushed back to this week after the Palo Alto, Calif., company repaid a U.S. loan. Tesla became the first recipient of a U.S. Energy Department loan to pay its debt.

Tesla last year began installing solar-powered supercharger stations on major U.S. highways to allow for rapid recharging and extended driving range for the battery-powered Model S. The luxury car, with a $69,900 base price, is rated by the U.S. government as traveling as far as 265 miles per charge.

Musk has said the company will enlarge its network of nine chargers that allow a car to be repowered in about 30 minutes. Six of the stations are in California and three are in Connecticut and Delaware, according to Tesla's website.

At an unveiling of the company's supercharger station in Los Angeles in September, Musk said Tesla would install 100 of them across the United States and Canada by 2015.

Currently, the charging devices can be used with only high-end versions of the Model S, which feature an 85-kilowatt-hour battery pack and are priced from $79,900. Owners repower cars for free at the stations, using electricity from solar panels installed and maintained by SolarCity Corp., of which Musk is also the chairman and largest investor.

Separately, Goldman Sachs said in a report Friday that Tesla is "well positioned" to reach its 21,000 Model S production target this year.

"We were also encouraged by management commentary that points to improving U.S. demand trends for the Model S, as well as a significant growth opportunity in Europe and Asia," Patrick Archambault, an analyst, wrote in the report.

Tesla stock motors past $100 05/28/13 [Last modified: Tuesday, May 28, 2013 10:37pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Bloomberg News.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Nearly 1 in 4 Tampa Bay homeowners considered equity rich

    Real Estate

    If your home is worth at least 50 percent more than you owe, you're rich — equity rich that is.

    About one in four Tampa Bay homeowners are considered "equity rich." [Associated Press file photo]
  2. The FHP trooper behind quota on speeding tickets will retire Sept. 5

    State Roundup

    TALLAHASSEE — A Florida Highway Patrol official's call for troopers to meet ticket quotas has cost him his job.

    Major Mark D. Welch, Troop Commander of Troop H, wrote an email asking his employees that he wants them to write two citations each hour. "This is not a quota," he wrote. His resignation is effective Sept. 5. [Florida Highway Patrol]
  3. Trump shuts down CEO advisory councils as main group acts to disband

    Business

    President Donald Trump's main council of top corporate leaders disbanded on Wednesday following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, "rather than …

    President Donald Trump meets with Merck's chief executive, Kenneth Frazier, second from left, and other leaders of the pharmaceutical industry in the Roosevelt Room of the White House last January. On Wednesday, Trump's main council of top corporate leaders disbanded following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them.
[New York Times file photo]
  4. A long-awaited vision for Tampa's Westshore Marina District

    Real Estate

    TAMPA —Eleven years after plans to develop a waterfront tract on the Tampa side of the Gandy Bridge were first announced, a new rendering gives a hint of what Westshore Marina District ultimately will look like.

    Rendering of Marina Pointe, a condo project overlooking Tampa Bay as part of the Westshore Marina District. [Courtesy of Masterfile Corp.}
  5. Buddy Brew Coffee to open downtown Tampa location

    Business

    TAMPA — Buddy Brew Coffee plans to open a new location in downtown Tampa at Park Tower in early 2018. The specialty coffee craft roaster, which was founded in 2010, has five other locations throughout Tampa including the Oxford Exchange, Sarasota, Hyde Park Village and Terminal F inside the Tampa International …

    A cappuccino is displayed at Buddy Brew in Tampa in January 2017. [CHARLIE KAIJO | Times]