Tesla Motors shares jump 2.4% in premarket trading while Direxion Daily TSLA Bull 2X Shares ETF rallied 4.7%.
Destiny Tech100 Inc ETF rocketed 12% in premarket trading as SpaceX is its largest holding.
Destiny Tech100 Inc ETF has nearly 38% of its portfolio in private shares of SpaceX.
Tesla Motors revealed plans to introduce a new model, "Model Q," in the first half of next year, with a post-subsidy price below $30,000. In 2025, Tesla aims to expand its market by launching additional models, including a three-row long-wheelbase Model Y in China. The company targets a 20-30% sales growth by 2025.
The Model Q, internally known as "Redwood," will be 15% smaller and about 30% lighter than Model 3, with a length of approximately 3988mm. It will feature lithium iron phosphate batteries with capacities of 53kWh and 75kWh, offering single and dual motor options, and an estimated range of 500 kilometers.
Expected overseas pricing for Model Q starts around $25,000. Production at Tesla's Shanghai factory could lower the price to about 140,000 yuan, making it more competitive against models like Volkswagen ID.3 and BYD Dolphin.