Tesla Motors Inc (NASDAQ:TSLA) founder and CEO, Elon Musk, is promising that his company will soon end “range anxiety” with an over-the-air update. However, can the electric car maker really do it?
The revelation of a new update to the software powering the Tesla Motors Inc (NASDAQ:TSLA)’s Model S line was made by Musk in a tweet on Sunday.
“Tesla press conf at 9am on Thurs. About to end range anxiety … via OTA software update. Affects entire Model S fleet,” the billionaire posted on Twitter.
“Range anxiety” is the constant worry people who drive electric cars feel about their vehicle’s travel limit. After all, they can’t just go to a regular gas station to fill up once their batteries are running low. Furthermore, Tesla Motors Inc (NASDAQ:TSLA)’s fast-charging Supercharger stations are not always near where people who have the company’s electric cars are.
Regular chargers, on the other hand, take a considerable amount of time to recharge cars such as the Model S. This means that drivers of these vehicles must be constantly aware of their battery levels in order to still have enough capacity to arrive at their destination or drop by a Supercharger station along the way.
Nonetheless, it should be noted that Tesla Motors Inc (NASDAQ:TSLA) has a history of significant upgrades to their cars’ capabilities with over-the-air upgrades such as when they improve the acceleration of their cars. This is something that traditional car makers are still not doing since they still prefer to do firmware updates via dealerships.
As for the company’s Supercharger network, Tesla is hoping to cover about 98% of the U.S. population with an in-range Supercharger station by the end of this year.
Patrick McCormack’s Tiger Consumer Management owned 271,408 shares of Tesla Motors Inc (NASDAQ:TSLA) by the end of December. McCormack announced that he is closing down the firm by the end of this month.
I just made 84% in 4 days by blindly imitating a hedge fund’s stock pick. I will tell you how I pulled such a huge return in such a short time but let me first explain in this FREE REPORT why following hedge funds’ stock picks is one of the smartest things you can do as an investor. We launched our quarterly newsletter 2.5 years ago and not one subscriber has, since, said ‘I lost money by EXACTLY following your stock picks’. The reason is simple. You can beat index funds by creating a DREAM TEAM of hedge fund managers and investing in only their best ideas. I just made 84% in 4 days by blindly imitating one of these best ideas. CLICK HERE NOW for all the details.