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
RE: Something's not right
5/24/2012 11:12:48 AM
I knew something wasn't right.
"What would I do? I'd shut it down and give the money back to the shareholders." -- Michael Dell, after being asked what to do with Apple Computer in 1997
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
California Gives Tesla Motors $34.7 Million Tax Break to Boost Vehicle Production
December 19, 2013, 11:00 AM
Energy Department: Gas-Powered Vehicles to Dominate Market through 2040
December 19, 2013, 8:30 AM
NHTSA Expected to Announce Vehicle-to-Vehicle, Advanced Braking Plans by End of Year
December 18, 2013, 11:11 AM
Porsche Macan V6 Diesel Bound for the U.S.
December 17, 2013, 10:36 AM
GM Could Release New EV, Updated Chevrolet Volt in 2016
December 16, 2013, 11:30 AM
Ford Says 70% of its Cars Will Have Start-Stop Tech by 2017
December 16, 2013, 10:57 AM
Most Popular Articles
China's Lunar Rover Enters Orbit, Prepares for Historic Sat. Landing
December 13, 2013, 5:00 PM
Ten Senators Sponsor Bill to Scrap Corn Ethanol Market Manipulation
December 13, 2013, 1:52 PM
China's Moon Rover Lands Safe and Sound, Starts Snapping Pics
December 16, 2013, 1:22 PM
Metro-Enabled Firefox Browser Expected to Land After Two Years of Work
December 12, 2013, 5:21 PM
Top Microsoft Graphics Genius Defects to Google
December 17, 2013, 4:27 PM
Latest Blog Posts
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
Is The Period Becoming an Expression of Anger?
Nov 26, 2013, 2:02 PM
NSA and Congress -- You Will Never Kill the Constitution, It's an Idea
Nov 10, 2013, 2:00 PM
AT&T Explores $100B+ USD Deal to Acquire Vodafone's European Operations
Nov 4, 2013, 7:34 AM
More Blog Posts
Copyright 2013 DailyTech LLC. -
Terms, Conditions & Privacy Information