Tesla (TSLA) to Develop Hybrid Battery Packs that Could Increase Range 40% - Analyst

September 16, 2013 7:12 AM EDT
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Global Equities analyst Trip Chowdhry reiterated an Overweight rating on Tesla Motors (Nasdaq: TSLA) and boosted his price target from $150 to $225 citing hybrid battery packs being developed by the company.

In July 2013, Tesla filed Patent Applications: 20130181511 and 20130187591, the analyst notes. These patents relate to "Electric Vehicle Extended Range Hybrid Battery Pack System" and have Metal-Air Battery Pack and what Non-Metal Air Battery Pack components (see diagram).

According to the analyst, a hybrid battery pack could increase the range of Tesla vehicles by approximately 40% and increase battery life by approximately 30%.

Chowdhry sees the new hybrid battery pack available in the Model S in the middle of calendar year 2015.

For an analyst ratings summary and ratings history on Tesla Motors click here. For more ratings news on Tesla Motors click here.

Shares of Tesla Motors closed at $165.54 last Friday, with a 52 week range of $26.86 to $173.70.

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