Electric-car manufacturer Tesla Motors (NASDAQ:TSLA) is having the ride of its life so far in 2013. Today, investors pushed Tesla stock to a fresh 52-week high of more than $55 a share. Not to mention, the stock has gained more than 62% since the start of the year. So why are investors hot for Tesla stock lately?
For one thing, Tesla recently unveiled its new "no-fault" battery warranty. The nearly foolproof warranty covers just about everything outside of personal assault, for example "taking a blow-torch to the battery pack, blowing it up, or using it for target practice," in the words of Tesla's CEO Elon Musk.
In fact, Tesla will cover the battery pack under this warranty even if the owner neglects to have the car serviced on a regular basis. This is quite accommodating for a start-up company that doesn't benefit from the same economy of scale as traditional automakers.
VIP service for all
Additionally, Tesla also revealed upgradable cars and vehicle loaners as part of the company's new service package. Let me explain: Model S owners can now loan a Tesla Model S Performance sedan or Tesla Roadster when their car goes in for service. And by "goes in" I mean a Tesla specialist will deliver the loaner to your home and cart off your car for servicing. Additionally, the company scrapped its $600 annual service fee and is offering free service for life.
It gets better... Tesla is now giving Model S owners the option to purchase its loaner cars at a discount. Specifically, drivers can upgrade to Tesla's performance Model S sedan at a depreciation rate of one percent per month of age and $1 per mile listed on the odometer, according to CNET.
Not your typical auto stock
From its valet pickup and delivery service to its eight-year foolproof battery warranty and upgrade options, there's little wonder why Tesla stock is soaring to new heights. Ultimately, I think these initiatives will attract new customers to Tesla and continue to push the stock higher.
Motley Fool contributor Tamara Rutter owns shares of Tesla Motors. The Motley Fool recommends Tesla Motors. The Motley Fool owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.