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Tesla CEO Musk unveils Model S upgrades

Tesla Motors unveiled upgrades for its Model S electric car line on Friday.

Tesla CEO Elon Musk addressed the developments in a conference call. Tesla shares were trading about 3 percent higher into the announcement and initially lost ground after Musk's remarks, only to climb again and close near pre-call levels.

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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.

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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.