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According to NASDAQ, Tesla Motors Inc. (TSLA - Analyst Report) will be a part of the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index before the market opens on Jul 15. Tesla will replace technology giant Oracle Corporation (ORCL - Analyst Report) on the NASDAQ-100. Oracle will move its stock listing to the New York Stock Exchange.

The NASDAQ-100 Index includes 100 largest domestic and international non-financial securities listed on the NASDAQ stock exchange based on market capitalization. Currently, the Palo Alto, Calif.-based leading manufacturer of electric vehicles and electric vehicle powertrain components has a market cap of $14.4 billion.

Tesla’s elevation to the NASDAQ-100 Index reflects the company’s outstanding stock performance in the recent past. The stock nearly tripled this year.

Following the announcement, shares of Tesla Motors hit  a new 52-week high of $125.32 yesterday, which was above its previous level of $122.18 a day before, and closed at $123.45. The closing price represented a whopping one-year return of 292.0% and year-to-date return of 249.1%. Average volume of shares traded over the last three months stood at approximately 9,671.0K.

Shares of TSLA started escalating following the release of its surprising 2013-first quarter results on May 8. The company posted its first-ever quarterly profit of $15.4 million, or 12 cents per share, on an adjusted basis, in the first quarter of 2013 compared with a loss of $79.3 million or 76 cents in the corresponding quarter of 2012. This indicated a whopping positive earnings surprise of 271.4% given the Zacks Consensus Estimate of a loss of 7 cents for the quarter.

Revenues jumped manifold to $561.8 million from $30.2 million in the first quarter of 2012, thanks to the impressive 5,000 units of Model S electric car sales during the quarter.

In May, TSLA also paid off the remaining $465 million U.S. Department of Energy (DOE) loan much earlier than expected. The electric carmaker received the loan in Jan 2010 and agreed on a 10-year repayment program. However, the company repaid the full outstanding amount of the loan in the second installment itself.

Last December, Tesla made its first DOE loan repayment of nearly $13 million. On May 22, the company paid off the remaining $451.8 million using the near-$1 billion proceeds from the common stock and convertible senior note offering made last week.

In May, Tesla also came up with a surprise announcement of adding more supercharging stations across the U.S. that are 10 times faster than the ordinary public charging stations. This could boost demand for its electric cars. TSLA plans to increase the number of charging stations threefold from 9 to 27 by the end of next month, which could further rise to 100 by the end of next year.

By 2014, Tesla plans to install charging stations within reach of 80% of people in the U.S. and Canada, and 98% by 2015. With this, the company intends to provide supercharging stations every 80 to 100 miles.

Electric cars have always been criticized for limited driving range leading to their weak demand. This led to limited sales of vehicles such as Nissan Motor’s (NSANY) Leaf and General Motors’ (GM - Analyst Report) Volt. However, Tesla’s breakthrough plan of adding more charging stations would surely give it a competitive edge over rival automakers.

Currently, shares of Tesla retain a Zacks Rank #3, which implies a short-term (one to three months) Hold rating.

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