Read MoreElon Musk talks Tesla, SpaceX setback
A battery upgrade from 85 to 90 kWh is available to Model S owners for $3,000. The new battery would provide up to 15 miles of additional range, Musk said.
Tesla will offer a single motor version of the 70 kWh Model S for $5,000 less than the the dual motor version, Musk added. That model will cost $70,000.
The company will also add a "ludicrous" mode option for the car, which decreases the amount of time it takes to go from zero to 60 mph.
Read MoreTesla Model X: A design flop?
Musk also detailed developments in the release of Tesla's newer vehicles. Deliveries for the Model X will start in about two months, with Model 3 deliveries are slated for more than two years out.
Tesla delivered 11,507 Model S cars in the second quarter, a 52 percent increase from the previous year, the company said earlier this month. Tesla has repeatedly made efforts to increase driving range and affordability for the vehicles.