Tesla Motors shares shot up 3.6 percent on Monday, following a tweet from CEO (Chief Executive Officer) Elon Musk that the manufacturer of electric-cars was planning to end "range anxiety." This is the largest gain since Tesla shares increased 3.9 percent on Feb. 19.
This month Tesla stocks have dropped 3.9 percent, and have plummeted 15 percent during the past year. In contrast, last year its shares moved beyond 3 percent a total of 57 times, according to Market Watch.
Musk said on Sunday that Tesla is going to announce a solution to one of the main disadvantages of e-cars. That problem is running out of power before getting to Point B.
In his tweet, Musk stated that the e-car company is scheduling a conference for Thursday. During the meeting Tesla will discuss the ending of range anxiety.
The solution is not only effective, but also convenient. Instead of taking their car into a shop to avail of the new technology, Tesla will simply zap a software update directly to the owners' cars.
Range anxiety has become a major reason some people are hesitant to purchase an electric car. If a car's battery runs out of juice, the owner has to find a charger.
What makes matters worse is that several electric cars have a very limited range. In fact, they often cannot travel over 100 miles per charge, according to USA Today.
In all fairness, Tesla already has one of the longest e-car ranges in the industry. However, the biggest battery pack only has a 265-mile federal rating, making intercity travel a bumpy ride.
It is unknown what tech idea Musk has for solving the range anxiety problem. He might have improved how well the car guides the driver to the closest charging station, bettered how drivers are informed the distance they can travel on a single charge, or limited performance on long treks.
What is known is that the new technology will affect all Tesla Model S owners. However, they should still bring a pair of good walking shoes with them-just in case.