Elon Musk announces April date for new Tesla product launch

Elon Musk managed to add almost £1 billion to Tesla Motors stock price in one day, after announcing on Twitter a new product launch would take place on 30 April at Tesla’s Hawthorne Design Studio.

It will not be another electric car, but something else. Tesla is being quite vague about the product, although fans of Tesla will know Musk mentioned a home battery pack coming later in the year.

Musk even mentioned in February that Tesla would hold an event within one to two months. The production of the home battery pack would start in six months, but details on the battery pack are still slim.

Having a home battery pack might allow homeowners to cut the costs of electric bills. Once the battery is drained, customers can go to the nearest Tesla refill station. It is reportedly based on Tesla’s car batteries, meaning it should last a few days in a home.

There’s nothing else in the pipeline for Tesla outside of the Model X. The Gigafactory is still in development meaning no significant battery improvements need to be documented.

Investors are worried the Model X could be a blindspot in Tesla’s growth as a car brand, with the SUV/people carrier market already full of good options. Musk seems confident the Model X will be able to surpass all cars on the market.