Tesla Model S gets over 500 reservations in first week
Tesla Model S – Click above for high-res image gallery
It's been barely a week since the curtain was lifted on the Tesla Model S, and not only has its design received positive reviews, those sensuous lines have seduced 520 people to fork over some deposit cash for the new all-electric sedan. Tesla won't say, however, how many people chose the standard version that requires a refundable deposit of $5,000 or one of the 2,000 Signature Edition models that requires a $40,000 deposit.
Initial sales of the Model S have exceeded Tesla's expectations and are quite a feat considering the economic times, plus the fact that these cars are still a few years away from being delivered. The real test of the S's ability to beguile may come tonight as the all-electric sedan makes its East Coast debut. With the company attempting to secure a $350 million loan from the Department of Energy's Advanced Technology Vehicle Manufacturing Program for a plant in which to build the Model S, the car will begin a string of appearances on the right side of the country with a showing at the National Building Museum in Washington, D.C.
Tesla also has good Roadster news. Production of the two-seater sports car continues to speed up and reached 104 units for the month of March. That gives the automaker a total of 170 Roadsters built for the first quarter of 2009 and about 320 altogether, in case you're keeping track. Hit the jump for the press release and bonus videos of the Tesla Model S in action, as well as having its auto-extending door handles explained by CEO Elon Musk.
Gallery: Tesla Model S
Gallery: Tesla Model S: LIVE REVEAL
[Source: Tesla Motors]
PRESS RELEASE
Tesla Takes More Than 500 Model S Reservations in a Week
Electric Vehicle Maker Also Delivers a Record 104 Roadsters in March
WASHINGTON--(BUSINESS WIRE)--Tesla Motors has taken 520 reservations for the Model S, an all-electric family sedan that carries up to seven people and travels up to 300 miles per charge.
Tesla launched the car March 26, and orders immediately began streaming in online and at showrooms in California. Tesla plans to open stores in Chicago, London, New York, Miami, Seattle, Washington, D.C. and Munich this year.
"Frankly the number of cars reserved in the first week has exceeded our optimistic internal projections," said Tesla CEO, Chairman and Product Architect Elon Musk. "Enthusiasm surrounding the Model S is proof that there's pent-up demand for more affordable, fuel-efficient vehicles – including those made in America."
The Model S will likely be the world's first mass-produced, highway-capable electric vehicle when production begins in late 2011. The company has applied for a $350 million loan from the Department of Energy's Advanced Technology Vehicle Manufacturing Program, which would be used to build the Model S assembly plant in California.
The East Coast premier of the Model S is tonight at the National Building Museum in Washington, D.C. The drivable prototype also will be shown in New York, Chicago, Miami and Seattle this spring and summer.
The Only Car You Need
The Model S can be recharged from any 120V, 208V or 240V outlet or quick-charged from an external direct current supply in only 45 minutes. You can recharge the car during rest stops or meal breaks, enabling the Model S to go from L.A. to New York in approximately the same time as a gasoline car.
The Model S does 0-60 mph in 5.6 seconds, and will have an electronically limited top speed of 130 mph. A 17-inch touchscreen with in-car 3G connectivity means you can listen to Pandora Radio or consult Google Maps, or check the car's state of charge remotely on your iPhone.
The anticipated base price of the Model S is $49,900 after a federal tax credit of $7,500. The $5,000 reservation fee is refundable, and the car is a better value than far cheaper cars.
If you account for the much lower cost of electricity vs. gasoline at a likely future cost of over $4 per gallon, the Model S is equivalent to buying a gasoline car with a sticker price of about $35,000, such as a Ford Taurus. Importantly, those savings are realized immediately if you lease a Model S, so there is no need wait years to earn back the price difference.
Three battery pack choices will offer a range of 160, 230 or 300 miles per charge. The company has not released options pricing.
Tesla also is taking reservations for the Model S Signature Edition with a $40,000 reservation fee. Tesla will produce only 2,000 Signature Edition cars, which will be the first built and have unique interior and exterior features. Signature Edition cars will be evenly split between U.S. and European customers.
Proven Technology
Tesla is the only production automaker selling highway-capable EVs in North America or Europe today. With 0-60 mph in 3.9 seconds, the Roadster outperforms almost all sports cars in its class, yet is more than twice as energy efficient as a Toyota Prius and delivers 244 miles per charge.
Tesla delivered 104 Roadsters to customers in March, marking the first triple-digit delivery month in the company's history. Tesla delivered over 170 cars in the first quarter – more than the total delivered in 2008.
Tesla has delivered about 320 Roadsters so far. The base price of the Roadster is $101,500 after a $7,500 federal tax credit.
Teslas do not require routine oil changes, and have far fewer moving (and breakable) parts than internal combustion engine vehicles. They qualify for federal and state tax credits, rebates and sales tax exemptions. The Roadster costs roughly $4 to drive more than 240 miles – a bargain even if gasoline were less than $1 per gallon.
Tesla plans to introduce more affordable cars and partner with other automakers to help them produce mass-market EVs. Tesla announced in January it is partnering with Daimler AG to produce the battery packs and chargers for at least 1,000 Smart EVs.
"Tesla is relentlessly driving down the cost of battery technology – similar to what other technology companies did to make cellular phones and laptop computers low-cost commodities," Musk said.
About Tesla Motors
San Carlos, California-based Tesla Motors designs and manufactures electric vehicles with exceptional design, performance and efficiency, while conforming to all North American and European safety, environmental and durability standards. The Roadster, which has a 0-to-60 mph acceleration of 3.9 seconds, is the only highway-capable production EV for sale in North America and Europe. Tesla expects to begin producing the Model S sedan in late 2011.
Reader Comments (Page 1 of 3)
Luis 1:35PM (4/02/2009)
I hope DOE gives them the funding they need. It's time for innovative companies to get support as we're propping up old dogs who fail to be innovative. I'd love to see a new automaker come out and really take the lead building a quality, desirable and affordable electric like the Model S.
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j 1:39PM (4/02/2009)
This car is over hyped, in a few years theres a good chance its technology and looks will be outdated.
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Matt 2:01PM (4/02/2009)
Is that you Lutz? I know it's a little embarrassing that a small start up can build a better, more luxurious, more sporty and more useful car that's all electric for only 10k more than the Volt, but I'm sure people will buy your car too. No need to get surly.
why not the LS2LS7? 2:09PM (4/02/2009)
It's $57,500 (for the 160 mile model). The Volt is $40,000. This is twice the price.
And the idea that they've built this is laughable. It's just a prototype.
Ken 2:11PM (4/02/2009)
It's closer to 20K more than the Volt, right now, given Tesla's history (which everyone glosses over with rose coloured glasses) the car will wind up being over $60K and take another three years to make it into customer hands.
j 2:14PM (4/02/2009)
Lets be realistic here Matt, a few years is a long time and expecting it to still be competitive then is really stretching it especially with the whole industry already leaning towards "greener" trends. Last I heard they were having trouble finding funding as well, I'm assuming they found some more for now but who knows if it will last until production time? OTOH if this was released this year, then that would be a whole other story....
BTW I'm not a fan of the Volt either, I remain neutral.
why not the LS2LS7? 4:19PM (4/02/2009)
Why did I say twice the price? I meant 1.5X.
CaramelZappa 4:37PM (4/02/2009)
Isn't that the same with all early adapter tech? People bought blu-ray drives for $400, but they can now be found for as low as $70. All technology gets outdated, and cheaper, over time. You can say "In a few years it'll be outdated" to almost any piece of technology and be right, but by that logic no one would be buying anything, we'd just be waiting forever.
axio.matik 9:39AM (4/14/2009)
@Matt
If Tesla had to pay the pensions of 775,000 retirees like GM has to, I don't think their pricing would be quite as effective.
jamie 1:55PM (4/02/2009)
I wonder if the Auto Club still charges batteries?
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Noz 1:56PM (4/02/2009)
Frankly, it already looks outdated. Both the original Tesla coupe and now this are dulled down versions of Lotus and Jag coach works that need freshening up already.
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BoxerFanatic 2:21PM (4/02/2009)
Looks fine to me.
It isn't overly angular, but as curvy bodywork goes, it looks pretty good. There are plenty of companies, especially more mainstream ones, who would do well to take notes on car design from this.
The oval grille is a bit odd, and the trailing point of the rear quarter windows is just slightly odd, but other than that, the car looks great for a sport sedan.
The drivetrain may be vaporware, I dunno. The interior might be a bit under-developed, but this isn't a production ready car yet, anyway. I wish I could get a normally-powered, affordable, sporty car (not FWD) that looked this good inside and out.
Heck, I wish the new '10 Subaru Legacy looked as good as this, with the Subaru underpinnings from the GT Turbo/6MT/AWD drivetrain, with bilsteins and brembos... I'd be getting my finances in order right now.
khelfand 2:00PM (4/02/2009)
Nothing but a Ponzi Scheme. They should rename that car the Madoff.
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Matt 2:04PM (4/02/2009)
HAHA Your're right. The 320 cars they've already delivered? Totally fake.
why not the LS2LS7? 2:11PM (4/02/2009)
Matt:
They're real, but they lost money on them. The only reason they are still going is the cash they've take for cars they haven't even delivered yet.
khelfand may be exaggerating a bit, but there's some truth to what he's saying.
BMWFanatic 2:20PM (4/02/2009)
@ why not the LS7LS7?
Haha your totally right... at least GM has been bringing in the cash on all those cars they sell... that is how they managed to end up in $60 billion dollars worth of debt, right?
Ken 2:27PM (4/02/2009)
@BMWFanatic
Let's say you have a house and a job and owe 100K on the house and have some other debts with various interest rates as well, you go to work and every week bring in so much money in income but are barely able to pay the interest you're earning each month on your debt, that's the boat GM's in.
Now let's say instead of bringing home a paycheck and going to work you instead just pay to go to work, that's what Tesla's doing. If Tesla had as much debt as GM they'd be long gone already, in perspective when GM started they were able to sell their first cars at a profit, so Tesla has to already work to catch up to where GM was in 1910.
tankd0g 2:49PM (4/02/2009)
320 cars they've already delivered? Totally pathetic. And now they expect to shift focus on a new car? I guess everyone with a deposit on a roadster must figure it's safer with Tesla than in a bank these days.
RITmusic2k 3:32PM (4/02/2009)
It is exactly like a Ponzi scheme! You know, since the only way they let you pay for it is to convince five of your friends to buy one, and you get a cut of each of their payments to cover the cost of your car... and of course each of them gets five people to buy, and so on. Yep, you've convinced me.
letstakeawalk 4:05PM (4/02/2009)
@ RITmusic2k
Congrats, you described a pyramid scheme.
http://en.wikipedia.org/wiki/Pyramid_scheme
http://en.wikipedia.org/wiki/Ponzi_scheme
A Ponzi scheme works a little differently. I won't go as far as to say the Tesla is acting fraudulently, but posters here have made some very good points regarding the ethics of taking an almost 80% deposit for a vehicle that exists only in prototype form and which has no factory, tooling, or production schedule.
I applaud Tesla for their efforts, but I certainly wouldn't do business with them (other than buying an already built Roadster from a B&M dealership). I'd also like to remind everyone that Tesla raised the prices of its Roadster - even for those who had already paid their deposits. I would personally be concerned that Tesla might do that again...