Tesla joining Nasdaq-100

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Tesla Motors is joining the Nasdaq-100, another sign of the rapidly growing value of the stock of the upstart electronic car maker.

Tesla will replace software company Oracle (ORCL), which announced last month it is moving to the NYSE. Both moves are slated to take place on July 15.

Shares of Tesla (TSLA) were up in premarket trading Tuesday on the news. Its shares are up 259% so far this year through Monday's close, lifting its market value to $14 billion.

The company reported its first quarterly profit earlier this year and has reported rising sales of its primary car, the Model S. The Model S also has gotten generally rave reviews, including Consumer Reports saying it was the best car it has ever tested.

The positive news allowed Tesla to have a follow-up stock offering to raise the cash it needed to repay a government loan nearly a decade ahead of schedule, as well as speed up the nationwide role out of a charging station network.

Related: 9 questions for Tesla's Elon Musk

The Nasdaq-100 is an index of the 100 largest companies in the tech-heavy stock exchange. Inclusion in high-profile indexes such as the Nasdaq-100 or S&P 500 will cause a stock to rise because managers of funds that track those indexes are forced to buy shares when there are changes in the components.

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