Tesla Motors Inc. rose after Chief Executive Officer Elon Musk said on Twitter that a “major new Tesla product line -- not a car -- will be unveiled” April 30 at the company’s Hawthorne, California, design studio.
Musk in the posting Monday didn’t give details about the product. The company’s shares gained 3.7 percent to $191.87 in midafternoon trading.
Tesla is using its lithium-ion battery technology to position itself as a front-runner in the emerging market for energy storage that supplements, and may ultimately threaten, the traditional electric grid.
“We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or businesses fairly soon,” Musk said during an earning conference call last month.
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Major new Tesla product line -- not a car -- will be unveiled at our Hawthorne Design Studio on Thurs 8pm, April 30
— Elon Musk (@elonmusk) March 30, 2015