DETROIT (Bloomberg) -- Tesla Motors Inc. stock surged past the $100-a-share level Tuesday for the first time as the company prepares to announce an expansion of its charger network for its vehicles this week.
Tesla gained 13.6 percent to close at $110.33 on the Nasdaq. Volume was heavy with 19.5 million shares trading hands compared with a daily average of 5.9 million shares.
The shares have almost tripled this year through May 24, compared with a 16 percent increase for the Russell 1000 Index.
CEO Elon Musk said May 20 the announcement of the expansion of its so-called supercharger network was being pushed back to this week after the Palo Alto, Calif.-based company repaid a U.S. loan. Tesla became the first recipient of a U.S. Energy Department loan to pay its debt.
Tesla last year began installing solar-powered supercharger stations on major U.S. highways to allow for rapid recharging and extended driving range for the battery-powered Model S. The luxury car, with a $69,900 base price, is rated by the United States as traveling as far as 265 miles (426 kilometers) per charge.
Musk has said the company will enlarge that network of chargers, most of which are currently in California, that allow a car to be repowered in about 30 minutes.