Battery stocks are surging on the back of strong sales of the newest Tesla Model 3, according to the latest data from the market research firm Autozone.
The company found that sales of Tesla’s Model 3 were up by 40% in July from a year earlier.
The new model has a price tag of $35,000.
The Tesla Model S has seen a similar surge in sales with sales of both vehicles up by more than 70% over the same period.
However, the Model S is much more expensive than the Model 3.
Tesla sells a $37,000 Model S sedan for $42,000 and a $43,000 car with a battery pack for $56,000, while the Model X sedan sells for $80,000 while the XC90 sedan with a 64 kWh battery pack sells for a record $90,000 in 2016.
Tesla’s shares have been steadily climbing since the beginning of the year, with the company’s shares rising more than 40% over that time.
The stock has also been steadily rising since Tesla was acquired by Ford last year.