Updated from 8:16 a.m. to include tweets from CEO Musk.
NEW YORK (TheStreet) -- Tesla Motors (TSLA) is unveiling a new program targeted toward business owners, allowing small and medium-sized businesses to lease the Model S, following last year's financing program that initially came under scrutiny.
The move is seen as trying to boost Model S sales, as the popular electric vehicle becomes more and more mainstream. Announced in a blog post, Tesla's new business leasing program is easy to use, allowing customers to figure out the cost of their monthly lease right on Tesla's Web site. That marks a change from the company's initial financing program offering additional savings such as business deductions.
According to Tesla, the announcement "completes a suite of products, including the Resale Value Guarantee and loans from our banking partners, that covers a comprehensive range of financing needs for Model S customers. These financing options, when combined with the fuel savings of Model S, provide an attractive value proposition compared to what's available for a gasoline-powered car."
Tesla CEO Elon Musk took to Twitter to promote the leasing announcement, noting it how easy it is for consumers.
Tesla US business leasing program went live today http://t.co/wCH0GLAEAJElon Musk (@elonmusk) April 8, 2014
Leasing a Model S takes 5 mins online, no signatures & one tap on car center screen to accept when deliveredElon Musk (@elonmusk) April 8, 2014
Tesla shares were sharply higher in Tuesday trading, gaining 3.8%% to $215.30, following the announcement.