Tesla Motors Gigafactory announced by CEO Elon Musk has already energized its stock price, according to a report by LA Times. Shares of Tesla rose 17% or $37.65, to a record $255.30 in midday trading after an analyst from Morgan Stanley said that its stock price could hit $320 and an announcement by its CEO of a new plant to create battery packs for its cars.

The Palo Alto car manufacturer is working with Panasonic and other unidentified partners to develop the gigafactory. Adam Jonas, auto analyst for Morgan Stanley, said that the U.S.-based factory would be the world’s largest Li-ion battery pack facility and would slash the cost of the expensive batteries that power Tesla’s cars. The factory would also provide new business opportunities, an economic multiplier driven by new manufacturing centers.

Tesla Motors CEO Elon Musk is expected to provide more info about the plans for the so-called gigafactory, which is a battery research and production venture that “will allow us to achieve a major reduction in the cost of our battery packs and accelerate the pace of battery innovation.”

Tesla sold less than 23,000 cars in 2013, but now has a stock market valuation of $30 billion. It’s half of what General Motors has, $57.4 billion, which sold 10.7 million vehicles last year, LA Times reported.

Consumer Reports has labeled the Tesla Motor Model S electric car the best vehicle on the road in its annual review of autos Tuesday. The publication infrequently names a best overall vehicle, but the $89,650 Tesla it tested has impressed its staff says the Consumer Reports automotive test director Jake Fisher. The electric car could have also won in several segments, including top green car and top luxury car.