Tesla Stock Rises as Elon Musk Hints Longer Battery Range for Model S

Updated from 9:38 a.m. to include additional Musk tweet about share price.

NEW YORK (TheStreet) –– Tesla Motors' (TSLA) - Get Report shares were rising Monday on hopes that Elon Musk has another rabbit to pull out of his hat to ease concerns about the Model S battery range.

CEO Musk tweeted that he hopes to "end range anxiety," a common problem for owners of electric vehicles. The entry-level Model S gets 208 miles per charge, while the bigger battery pack allows the Model S to extend its range to 265 miles. But Musk seemed to hint that could be expanded, potentially helping sell additional vehicles.

Range anxiety is the feeling drivers get when the battery starts to draw down and the ability to recharge may be difficult or in some cases, not possible. Tesla has worked hard to try to end range anxiety by introducing a network of Supercharger stations, which would recharge the battery of the Model S for free. After charging the Model S for half an hour at a Supercharger, Tesla claims the car can go an additional 170 miles before being recharged again.

Shares were rising 3.4% to $194.94 following the tweet. Musk, however, followed up his earlier tweet with additional tweets commenting on the share price movement.

In 2014, Tesla produced 35,000 Model S vehicles, though some of the deliveries were pushed back to 2015 for a variety of reasons, including "vacation, severe winter weather and shipping problems." Tesla, however, has raised its production estimate for 2015, saying it now expects to produce 55,000 units, up from 50,000 previously.

There are now 401 Supercharger stations across the country. In Europe, good portions of Germany, the United Kingdom, France, Norway and Sweden are covered.

By 2016, the company hopes to have the majority of North America covered, with continued expansion in Europe.