Tesla Motors Inc. rose to a 10-month high after the electric-car maker unveiled enhancements to the Model S sedan.
The shares advanced 2.8 percent to $282.26 at the close in New York. That was the highest price at the end of day since Sept. 4.
Tesla announced upgrades Friday to the Model S, including a “Ludicrous Mode” option that goes from zero to 60 miles (97 kilometers) per hour in 2.8 seconds and a 90 kilowatt-hour battery that provides more range. The company also introduced a new base model with rear-wheel drive for $70,000, about $5,000 less than the all-wheel-drive version.
“Tesla continues to advance its technology, which allows for greater range, better performance and increasing access into a broader addressable market,” Ben Kallo, an analyst at Robert W. Baird & Co., said in a July 19 note to investors. He rates the stock outperform.
Tesla forecasts sales of 55,000 vehicles this year and plans to introduce the Model X, a crossover sport utility vehicle, later this quarter. The Palo Alto, California-based company on July 2 reported preliminary first-half deliveries of 21,552 cars, about 40 percent of the full-year target.