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Tesla making battery progress: Analyst

Tesla: Battery front runner?

Tesla is making progress on the home battery front said Colin Langan, auto analyst at UBS, in an interview with CNBC on Wednesday.

"I do think it's positive," he told CNBC's "Power Lunch." Batteries are "going to be a much more relevant part of their business."

Read MoreTesla and Elon Musk's 'major new product line'—is it a battery?

The electric carmaker is scheduled to release information about its stationary storage opportunities on April 30. Shares of Tesla have been trading higher in the run-up to the announcement.

Disclosure: Langan does not own shares of Tesla but UBS owns more than 1 percent. Tesla is not an investment banking client of UBS.