On Tuesday, Tesla Chief Executive Officer Elon Musk released a new, 100-kilowatt-hour battery pack for the dual-motor versions of the Model S and Model X. The upgrade makes the Model S the first all-electric sedan with a range of more than 300 miles, and it cuts the zero-to-60 miles per hour interval to just 2.5 seconds.

For the first time, Musk said, "the fastest car in the world, of any kind, is electric. In the future, people are really going to look at gasoline cars in the same way we look at steam engines today: They’re quaint, but it’s not really how you get around."

The new Model S is big enough to seat five and is available now, starting at $134,500.

In addition, the upgrade for the Model X SUV seats seven people, has two trunks, and can now get to 60 mph in 2.9 seconds. The new P100D Model X starts at $135,500.

The new battery packs use the same Panasonic cells as previous Teslas but require new wiring and changes to the seats to ensure safety, given the additional weight. Production will initially be limited to about 200 packs a week and will only be available to the performance models equipped with Ludicrous Mode, at least for the first few months.

Musk said that the company will be shifting to a new, larger cell with the launch of the Model 3, enabling additional gains for the entire Tesla lineup in the future.