Tesla shares jumped more than 4 percent Monday after Elon Musk revealed a new, $78,000, souped-up version of the electric car maker’s mass-market Model 3 sedan.

The fully loaded Model 3 will go from zero to 60 mph in 3.5 seconds — more than a half-second sooner than the basic, $35,000 Model 3, Musk announced Sunday on Twitter.

The upgraded, all-wheel-drive version will have a top speed of 155 mph, versus 140 mph for the basic version, while maintaining the Model 3’s 310-mile range.

Shares of Tesla recently were up 2.6 percent to $284.05 on Monday afternoon.

Musk, whose refusal to answer questions from some analysts in a call earlier this month tanked Tesla shares, said Sunday the company had to focus on delivering the higher-priced Model 3s first, or it would “die.”

“With production, 1st you need achieve target rate & then smooth out flow to achieve target cost,” Musk said. “Shipping min cost Model 3 right away wd cause Tesla to lose money & die. Need 3 to 6 months after 5k/wk to ship $35k Tesla & live.”

The company, which says it’s undergoing a “thorough reorganization” to contend with production problems, senior staff departures and recent crashes involving its electric cars, is striving to reach a production rate of 5,000 cars per week.

Musk compared the price of the fully loaded Model 3 to that of the BMW M5, but said his car is “15% quicker & with better handling” and added that it will “beat anything in its class on the track.”

Separately, research firm Berenberg raised its price target for Tesla shares to $500 from $470, saying the company’s margin targets for the car were now reality and not just a hope.

On Friday, proxy adviser Institutional Shareholder Services backed a shareholder proposal to separate Musk’s current chairman and CEO roles, suggesting that shareholders would be better served by having Musk focus on running the company.

With Reuters