Elon Musk, the Chief Executive Officer of Tesla Motors, unveiled the new "Charging Snake" that is used for Model S electric vehicles, Discovery reports.
Musk first unveiled the new product back in December, when he posted a picture on Twitter mentioning that he was working on a "solid metal snake" charging system. The "Charging Snake" functions by lowering itself toward the charging port and plugging itself, subsequently jumpstarting the charging process.
Tesla Motors is reported to have a market cap of $31 billion, surpassing Chrysler's market value estimate of $21 billion.
In terms of sales, however, the first company sold less cars (50,000) in the last financial quarter than the second (633,000).
The Palo Alto-based company recently announced plans to invest in solar-powered charging infrastructure throughout Japan.
"We'll buy utility power that's coming from solar panels, or we'll have solar panels on the charge station itself," Musk told Nikkei, according to Reuters.
"There will be no impact to the electrical grid in Japan."
Charging stations that are set for future development will be designed similarly to those which have been already constructed across California.
Tesla officials are also said to unveil a new battery which is able to power homes and save consumers money on electrical bills. The product includes automatic charging capabilities designed for energy-saving.
"It's quite a profound thing," Musk told CNN Money.
"So you'll be paying one-quarter of the price for electricity."
The new battery will slash electric bills by approximately 25 percent.
