A recent battery upgrade to Tesla Motors’ Model S will transform the sedan into one of the world’s fastest accelerating cars, behind Porsche and Ferrari. But unlike the two luxury brands, Tesla’s Model S will be mass-produced.
Tesla boss Elon Musk unveiled that the fully electric sedan can reach 60 miles per hour in 2.5 seconds. The company’s Model X, which is currently touted as the fastest SUV in history, will also benefit from the upgrade.
After the upgrade, Model X will hit 60 mph in 2.9 seconds. The new battery pack will also allow the two cars expand their driving range to more than 300 miles per charge.
Musk recently told reporters that with the fresh upgrade he hoped more people will understand that “electric is the future.”
Nevertheless, Tesla needs to overcome some obstacles before it can fulfil its fully-electric dream. It first needs to tackle accusations that its Model S’ “autopilot” mode was behind a lethal car crash in Florida earlier this year.
Ever since the crash, the company has been scrutinized by federal investigators. And its finances greatly lagged in the meantime. Plus, the EV maker reported repeated net loses over the last three years and failed to honor its projected delivery promises.
Analysts believe that the mishaps are caused by a “startup mentality.” For instance, a startup company knows that people won’t have high expectations from it because it is a startup.
Plus, Tesla is now on an investing spree hoping that the investments will eventually pay off. For example, it has purchased SolarCity for $2.6 billion, has heavily invested in its Nevada-based monster gigafactory, and Model 3.
The company has high hopes on its Model 3 which is expected to be a big hit. In other words, while financials may not look good now, when the company will have all things in place money will start coming.
Meanwhile, the company relies on other revenue sources such as stock sales, which brought the automaker $1.7 billion this spring.
Analysts noted that Tesla has one more thing that will put it back on track: design. While other EV producers retrofitted their existing cars, Tesla designed the electric vehicles from zero. This allowed the company to give its cars a unique, futuristic look that so far lured many Millennials.
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