NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) were rising in late-afternoon trading on Tuesday after CEO Elon Musk announced that the electric vehicles manufacturer will launch versions of its Model S sedan and Model X SUV that have a more powerful 100 kilowatt hour battery.
Musk unveiled a new 100 kWh battery option for the Model S P100D with Ludicrous mode, which will enable it to go from 0 miles per hour to 60 miles per hour in 2.5 seconds vs. 2.8 seconds for the P90D Ludicrous version, Bloomberg reports. The upgrade will cost $10,000 for customers who have pre-ordered the P90D Ludicrous or $20,000 for customers who already own that vehicle.
The Model X P100D with Ludicrous mode will now get to 60 miles per hour in 2.9 seconds.
The Model S version will be able to run for 315 miles on one charge, while the Model X will run for 289 miles on one charge.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.
Tesla's weaknesses include its deteriorating net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: TSLA
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.