Tesla to Begin Shipping Model S June 22
May 23, 2012 11:16 AM
comment(s) - last by
Tesla Model S
The Model S has 10,000 reservations so far, where each customer had to pay $5,000 to reserve the vehicle
Tesla Motors has announced that it will begin
shipping its Model S electric sedan
on June 22, 2012.
It has been three years since the Model S was initially announced, but Tesla is finally ready to start sending its all-aluminum electric sedan to the buyers. The Model S has 10,000 reservations so far, where each customer had to pay $5,000 to reserve the vehicle.
The Model S comes in three different versions, with 40 kWh, 60 kWh or 85 kWh battery packs. The lower-end 40 kWh base model will sell for $57,400 while the higher-end model will sell for $105,400. The Model S is eligible for the $7,500 federal electric tax credit as well.
Just last week, it was reported that the 85 kWh model could
earn a 265-mile driving range
window sticker rating from the EPA, which would put the Model S far ahead of the electric competition.
The Model S is currently being produced in a retrofitted area of a former General Motors and Toyota venture in Fremont, California. Tesla Motors received $465 million in federal loans from the U.S. Department of Energy in order to retrofit the factory and develop the Model S. So far, Tesla has used about $360 million of that loan.
The Model S couldn't have come at a better time, considering the fact that Tesla Motors has reported losses of over $500 million since 2009. Up until now, Tesla has only released its high-end $109,000 Roadster.
Despite these losses, the Model S is coming to the rescue. With news of the Model S
arriving ahead of schedule
earlier this month, Tesla stock jumped 10 percent. The automaker expects the Model S to help bump its annual revenue estimate to $560 million to $600 million USD, which is about $175 million per quarter. This is about six times its current revenue.
In afternoon trading on Tuesday, Tesla shares were up more than 8 percent at $31.09. It is currently up about 14 percent since January 2012.
The next step for Tesla will be to release the Model X, which is a full-sized battery electric crossover sport utility vehicle that will start production by the end of 2013.
Tesla isn't the only successful venture that CEO Elon Musk has right now. At 3:44 a.m. EST this morning, Musk's private rocket company
SpaceX became the first to launch a spacecraft to the International Space Station (ISS)
in the private industry. SpaceX sent its unmanned Dragon cargo capsule, which is expected to reach the ISS tomorrow.
Beyond this initial venture, SpaceX will make 12 more trips to the space station through a $1.6 billion contract.
This article is over a month old, voting and posting comments is disabled
5 star safety rating!
5/23/2012 8:07:32 PM
You didn't mention that it has been given a 5 star safety rating, Elon Musk tweeted it yesterday, I think it was.
"Nowadays you can buy a CPU cheaper than the CPU fan." -- Unnamed AMD executive
SpaceX Successfully Launches Falcon 9 Rocket, Dragon Spacecraft; Heads Towards ISS
May 22, 2012, 4:00 AM
Tesla Model S Could Land 265-Mile Range Rating from the EPA
May 15, 2012, 6:27 PM
Tesla Model S Arrives Ahead of Schedule, Stock Surges
May 10, 2012, 10:01 PM
Tesla Motors Says Model S '12 Production Run Sold Out, Will be Profitable in '13
October 28, 2011, 6:52 PM
Hot Air? President Obama, G7 Pledge to Eliminate Most Fossil Fuel Use by 2100
June 8, 2015, 5:40 PM
Study Predicts Self-Driving Vehicles Could Rake in Billions
March 6, 2015, 8:34 AM
Dual-Motor Tesla Model S P85D's "Insane Mode" Shocks Passengers
January 28, 2015, 11:18 PM
2016 Cadillac CTS-V Packs 640 hp Punch with 200 mph Reach
January 23, 2015, 3:25 PM
BMW Testing Tech to Allow Users to Auto-Park, Summon Cars Via Smartwatch
December 16, 2014, 9:30 AM
Lamborghini Offers Up $6,000 Leather-Bound Android Smartphone
December 12, 2014, 3:12 PM
Most Popular Articles
Exclusive: If Intel and Micron's "Xpoint" is 3D Phase Change Memory, Boy Did They Patent It
July 29, 2015, 10:52 PM
Windows 10 to Get New Features in October Service Release 2 (SR2)
July 30, 2015, 5:50 PM
Quick Note: Apple Watch to Get Brick and Mortar Boost From Best Buy
July 27, 2015, 3:00 PM
Cortana Help Button is Coming Soon for $23
July 30, 2015, 5:07 PM
As iPad Sales Wane and Watch Flops, iPhone Saves Apple's Profit With Its Heroics
July 22, 2015, 6:13 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information