Tesla Will Announce New Product Line April 30th - Not a Car

Tesla BatteryTesla announced Monday that it will unveil a new product on April 30th. CEO Elon Musk tweeted that his company would unveil a new product line at 8:00 PM PDT at the Tesla Design Studio in Hawthorne, California. He made the point of stressing that it wasn't a car, and speculation is that it will be a stationary battery storage system.

The Wall Street Journal noted that Tesla has long said it was working on a standalone battery product, and StreetInsider reported that Mr. Musk said just last month that it was a product designed for homes and businesses:

We’re going to unveil the Tesla home battery [indiscernible] consumer battery that will be for use in and people’s houses or businesses, fairly soon. We have the design done and it should start going into production probably about six months or so. We probably got a date to have sort of product unveiling, it’s probably in the next month or two. It’s really great. I’m really excited about it.

Mr. Musk and his company have made major investments in battery technology, and made some of it open source for the betterment of the world. An expansion of Tesla's core business of making electric cars into a product that can be used by many people broaden Tesla's exposure to consumers significantly.

Tesla is also now thought of as a competitor to Apple in the wake of an avalanche of news reports saying that Apple is working on an electric car.