Tesla says that this is due to the small Li-Ion batteries (the ones that power out laptops) that they plan to use. Being smaller in size, they will also be swappable. Also, they are pretty cheap to manufacture at $200 per kWH. Other eletrics like the Nissan Leaf and Chevy Volt use bigger batteries, which are expensive to manufacture at $750 per kWH.
Here are some images of the upcoming Modes S to drool over:
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