Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Tesla's $58,000 sedan coming next year

tesla_model_s.top.jpgTesla Model S customers will be able to choose how much driving range they wish to pay for. Peter Valdes-Dapena, senior writer


NEW YORK (CNNMoney) -- Tesla Motors, best known for the plug-in electric Tesla Roadster, plans to begin delivering its new Model S sedan around the middle of next year, the automaker announced Monday.

Prices for the plug-in electric Model S sedan will start at $57,400 but the vehicle will be eligible for a $7,500 tax credit. The base model will have a driving range of 160 miles, Tesla said, but buyers will be able to pay more for versions with larger battery packs and longer driving ranges.

In fact, the first 1,000 cars off Tesla production line -- housed in a California factory that had produced cars for General Motors and Toyota -- will be the Model S Signature Series, a version capable of driving 300 miles on a charge.

These cars are expected to cost about $20,000 more than the base model, Tesla said on its website. For $10,000 over the base price, customers will be offered a car with a 230 mile driving range.

Tesla expects to produce only 5,000 of the cars in 2012 but hopes to expand production capacity to 20,000 cars by 2013.

The Model S will be able to go from zero to 60 miles per hour in about 5.6 seconds, Tesla boasts, and will have a top speed of 125 miles per hour.

The car will be able to seat up seven people when equipped with optional third row of rear-facing seats.

The Model S will enter a market rapidly filling with plug-in car options including General Motors' Chevrolet Volt and the Nissan Leaf, which went on sale late last year, and the high-priced Fisker Karma, also expected to enter production next year. To top of page

Find Your Next Car
Index Last Change % Change
Dow 16,204.97 -211.61 -1.29%
Nasdaq 4,363.14 -146.41 -3.25%
S&P 500 1,880.05 -35.40 -1.85%
Treasuries 1.85 -0.02 -0.86%
Data as of 4:22pm ET
Company Price Change % Change
Bank of America Corp... 12.95 -0.30 -2.26%
Facebook Inc 104.07 -6.42 -5.81%
Freeport-McMoRan Inc... 5.68 -0.04 -0.70%
Microsoft Corp 50.16 -1.84 -3.54%
General Electric Co 28.54 -0.64 -2.19%
Data as of Feb 5
Sponsors

Sections

Anheuser-Busch has been the exclusive beer advertiser featured during the Super Bowl since 1975, and it's spent more on Super Bowl advertising than any other company for the last five years in a row. More

The economy is better than it was, but not even President Obama is ready to declare it's booming. More

Laurie Segall sits down with Foursquare's new CEO Jeff Glueck to discuss the company's latest round of funding at a lower valuation, and their hybrid consumer/enterprise business model. More

Nonprofit JumpStart has launched a new $10M fund that will only invest in women and minority-led startups. The catch: You have to move to Ohio. More

Portland, Oregon, is often described as the last affordable cool city on the West Coast. But as more people move to the city, it's becoming increasingly unaffordable. More