Elon Musk’s Tesla Motor Inc. (NASDAQ:TSLA) has seen its stock prices skyrocket on Tuesday morning. The CEO tweeted on Monday that the company would be releasing a “new” product line that is not a car. Stock prices rose as high as $193.39 a share before leveling out at $191.32, or .39% higher on the day.
Musk stated that the company’s new product line will be unveiled on April 30th at the Hawthorne Design Study. There has been no further news from the company on what the new product line may or may not include.
Many experts agree that the new product line will be a battery that is strong enough to power homes and businesses. The battery was previously announced, but it makes sense. Musk is the chairman of SolarCity, which is a company that combines batteries and solar power into one product.
Investors are still reluctant to invest in the company. Sales in China fell short and the company’s stock is down 15% this year alone. Over the last 12 months, the company’s stock has fallen 11%. A new product line may be exactly what Tesla needs to boost stock prices moving forward in 2015.
Expect stock prices to soar at the end of April.
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