Tesla has announced new upgrades for its Model S sedan that improves that electric car's speed and range. Elon Musk, CEO of Tesla Motors introduced the 'Ludicrous Mode' which is better than the previous 'Insane Mode'.

The new 'Ludicrous Mode' enables the vehicles to cover a maximum speed of 60mph in just 2.8 seconds which is faster than the 60mph in 3.2 seconds of the 'Insane Mode'. The new improvement will be available for drivers of the new model of Model S - the P90D.

Tesla CEO personally believes that the new mode is mind-blowing. It adds another range of 15 miles to the car, which means the vehicle is capable of travelling 300 miles on a single charge.

Musk revealed that, "No one was asking for ludicrous model because it's too ludicrous."

However, obtaining the 'Ludicrous Mode' is a little pricey with the optional speed upgrade costing $13,500. Drivers of the P85D can have an upgrade at the cost of $5,000 which does not account the installation fee. All the 70, 70D, 85, 85D and P85D model owners have the privilege to upgrade their cars.

But Musk is not asking drivers to buy it right away. He also advised owners not to purchase the pack upgrade if they have not reach the current range.

Creating the new upgrade is an initial step for the electric car maker to achieve the goal of improving their products' powertrain to make them last up to one million miles. Musk mentioned that his engineers are always working to get things even faster.

Tesla aims a 5% increase on the capability of their batteries in just one year. In the next two months, the company will be releasing a new model called Model X. A cheaper vehicle named Model 3 will also be issued in about two years.