Tesla's CEO teases investors over new product launch

Shares in electric carmaker Tesla Motors rose on Monday, after group chief executive Elon Musk teased investors by tweeting that the company would launch a new product at the end of next month, but it will not be a car.

On Monday, in a separate tweet, Musk had spoken about the company's difficulties in China stating he remained confident about Tesla's abilities to turn its fortunes around in one of the world's biggest markets.

[I] "am very optimistic about Tesla's long term future in China, despite our earlier mistakes. Have great faith in the Tesla China team," he said via his Twitter account.

Musk's tweet has sparked speculations as to what Tesla's new product might be, but analysts at Global Equities Research claimed the company's announcement was "very likely" to focus on a stationary battery for residential consumers, a product which Tesla has been working on for some time.

"Tesla has been testing residential stationary batteries in about 200-250 households in California for the last two years," Global Equities Research said in a note Monday.

Tesla shares were up 3.29% to $191.06 at 15:45 in New York on Monday.