Electric car maker introduces "Ludicrous Mode"

This update will allow the car to go from zero to 60 miles per hour in 2.8 seconds. Tesla had referred to a previous package as "Insane Mode."

Tesla's cars have revolutionalized the way electric vehicle are perceived

According to reports, Tesla Motors says it's adding a new "Ludicrous Mode" to high-performance versions of its Model S electric car.

CEO Elon Musk said on Friday that the upgrade will cost $10,000 for new buyers of the Model S, whose base price is $70,000. Current Model S owners will be able to get the upgrade for $5,000 plus the cost of installation in the next six months.

According to sources, Musk also said Tesla will upgrade the battery pack of the Model S to improve its range, something it plans to do every year. The upgrade will cost about $3,000, and it will give the car a range of about 300 miles on the highway on a single battery charge, about 15 miles more than the current version.

The company also announced a rear-wheel drive version of the Model S that will cost about $5,000 less than the standard model, various reports say.

Earlier this month Tesla revealed that its deliveries grew 52 percent to more than 11,000 in the second quarter.

Shares of the Palo Alto, California-based company rose $7.98, or 3 percent, to close at $274.66  on Friday.

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