Currently, Tesla Motors sells just one car – the $109,000 Roadster. The company has sold just 700 units of the electric sports car and hit profits for the first time in July; No biggie, the Big 3 and other automakers have nothing to worry about… right? Wrong, according to a report by AutoWeek, Tesla has plans to move into mainstream U.S. auto sales over the next 6 years.
The California company recently received $465 million in low-interest loans from the U.S. Department of Energy to support the production of its new Model S sedan. Tesla said that it will use $365 million from the loan to produce the electric-sedan, which will seat four and will start at $49,900 after a $7,500 U.S. federal tax credit. Tesla believes it can sell about 20,000 units a year.
What else does Tesla have up its sleeve? The company says that 5-years after the Tesla Model S sedan enters production, it will introduce a mass-market electric-vehicle for less than $30,000.
Other than that, Tesla Motors just leased a 350,000 square-foot building in Palo Alto, which it will use to produce electric-powertrain solutions for Tesla Motors vehicles and for other automakers.
– By: Kap Shah