Tesla to Build Mass Market Electric Sedan in California

Tesla’s forthcoming battery-powered 4-door sedan model that is scheduled to enter the market in 2010 will be manufactured at a facility in the state of California (just like the Roadster) and not in Albuquerque, New Mexico as it was previously announced. Tesla Motors and Californian Governor Schwarzenegger made the announcement at a joint press conference at the company’s San Carlos headquarters.

“Today’s announcement is incredible news for California’s economy and its environment,” said Governor Schwarzenegger. “If California was a baseball team this would be like winning the first round draft pick and recruiting a player who is a perfect fit on our roster because Tesla Motors and its all-electric cars belong in California,” the Governor added. -Continued

Ze’ev Drori, President and CEO of Tesla Motors, remarked, “Tesla has achieved an extraordinary accomplishment. We are the only automobile company today delivering full performance battery-electric vehicles to our customers. Make no mistake - we are not a niche player with a car only for the rich and famous. As our agreement with the state so clearly demonstrates, we are building a high volume ZERO EMISSION VEHICLE, manufactured in California for mid-range family use. And we aren’t going to stop there. We will continue on and build even more affordable cars.

You are witnessing the debut of a new car company, a company unlike all others, a company with a disruptive technology, a company dedicated for the exclusive production of Zero Emission Vehicles.”

F1 Champion Damon Hill to Drive Tesla Roadster in Green Race

Former Formula One World Champion, Damon Hill will sit behind the wheel of a Tesla Roadster in the GreenFleet Capital Arrive ‘N’ Drive 08 event, which will start on London’s Horse Guards Parade on 31 July, 2008. The eco-friendly challenge aims to promote the latest innovations to reduce emissions and improve air quality in London. The Tesla Roadster will be among the 20 public and private sector drivers taking part in the 33 mile-course to demonstrate the use of electric power as a viable alternative to conventional fuel sources. -Continued

Talking about the event, Darryl Siry, senior vice president of sales, marketing and service, Tesla Motors said: “It is a huge privilege for Damon Hill to present the Tesla Roadster to car enthusiasts on the capital’s streets. This will be a perfect opportunity for people to witness high performance and fun motoring without the need to compromise the environment.”

Tesla to Build All-Electric Luxury Sedan in California in 2010

Continuing its investments, Tesla Motors announced that it is planning to build a $250 million facility to manufacture a zero-emission luxury sedan in the heart of Silicon Valley. Named Model S, the five-passenger sedan will be powered by a lithium-ion battery pack and according, it is expected to have a base price of $60,000 and get around 240 miles or 386 km per charge. The first sedans will likely roll off the Tesla’s new assembly line in late 2010. Tesla’s President and CEO Ze'ev Drori said that construction on the 89-acre site would begin in the summer of 2009 and when fully operational, the facility will employ approximately 1,000 workers. -Continued The company also said that it will relocate its corporate headquarters and research and development efforts to a consolidated campus in San Jose, California. Tesla, which currently produces the all-electric, two-seater Lotus Elise-based Roadster, said that it chose San Jose in part because the region already enjoys a high concentration of highly skilled engineers and support infrastructure. The new factory will be located 20 miles from the current headquarters in San Carlos.
The new plant won’t affect the Roadster as Tesla has no plans of moving production from the Group Lotus PLC factory in Hethel, U.K. Last week the company said it was ramping up production as about 1,200 people have already put down deposits for the Roadster. So far, Tesla has delivered only about 30 Roadsters.

Tesla Shock: Financial Crisis brings New CEO, Layoffs and Delay of Model-S

The economic turmoil that has devastated the stock market is also battering Tesla Motors that is running dangerously low on cash. In a surprise announcement, the Silicon Valley-based firm's main investor, executive chairman and product architect (yep, all those together), Elon Musk said that he plans to take over the reigns from current CEO Ze'ev Drori who will remain on the board of directors as vice-chairman. Musk stated that in order for the company to stay afloat, there will be necessary job cuts and a delay of the production of the firm's forthcoming 4door sedan called Model-S. -Continued
"Our goal as a company is to be cash-flow positive within six to nine months. To do so, we must continue to ramp up our production rate, improve Roadster contribution margin and reduce operating expenses. At the same time, we must maintain high production quality and excellent customer service," Musk said in a statement.
The company's new CEO also decided that Tesla will focus on its two revenue producing business lines - the Roadster EV and powertrain sales to other car companies, meaning that everything else is on hold.
While Musk did not reveal the exact number of layoffs, he did announce that some headcount reduction will be done due to consolidation of operations as Tesla will move its vehicle engineering departments to its new HQ in San Jose, closing the Rochester Hills office near Detroit.

Tesla Roadster Test Drive Turns into 100MPH Crash Test in France

Since there aren't many Tesla Roadsters out on the roads, whenever one of them is involved in an accident, its headline news. What makes this Tesla Roadster crash story even more intriguing is the fact that, according to the crash-happy crew over at Wreckedexotics, the man behind the wheel of the all-electric sports car was a sales director for Tesla. The man took an unnamed passenger for a demonstration drive somewhere in southern France on Wednesday, October 29th. It is reported that he was going around 100mph or 160km/h when he tried to make a turn that ended up in what you see here.
Aside from the speed factor, wet roads and poor visibility are said to have contributed to the accident. As you can from the pictures, the crash was pretty serious with the passenger being ejected from his seat upon impact. Miraculously, both managed to escape this horrid accident alive, with the sales director suffering a broken hand, some minor bruises and a lot of explaining to do while the passenger was recently released from hospital.








Source: WreckedExotics

Tesla Wants $400 Million Bailout Loan - Anyone Else?

Everyone wants a piece of the (bailout) pie; even tiny Tesla Motors. The Associate Press reported that the Silicon Valley-based electric car joined Detroit's Big Three automakers in their bid to get a $25 billion government aid. Tesla was said to have applied for about $400 million in no to low-interest loans to fund two projects, details of which weren't revealed. But unfortunately for Tesla, GM, Ford and Chrysler LLC failed spectacularly to make a convincing case for the $25 billion bailout with the Congress telling them to return in December with a viable turnaround plan - click here for more details.
And while one could somewhat justify bailing out the Big Three to preserve jobs and help the U.S. economy from falling into a deeper recession, what's the big deal if Tesla goes bankrupt? We're talking about a small company that builds one limited production sportscar -the Roadster- and which might make another one in a few years time - the 4-door sedan Model-S. So what?
Via: TTAC , Source: Mlive / Associated Press

Tesla Model S All-Electric Sports Sedan to Start from $57,400

In its latest newsletter, Tesla officially confirmed that its forthcoming Model S which will be revealed in prototype form on March 26, 2009, will have an anticipated base price of $57,400 (€43,700 with today's exchange rates) or $49,900 after a federal tax credit of $7,500, when it goes on sale in late 2011. This means that the Model S will not only cost half the price of the Tesla Roadster that begins from $109,000, but also that it will be priced significantly lower than Henry Fisker's plug-in hybrid Karma sedan that starts from $87,900.
"Because of tax incentives and relatively inexpensive maintenance and refueling, the lifetime ownership cost will be closer to cars with far lower sticker prices," the company stated.
Tesla aims to roughly split initial sales of its all-electric four-door sports sedan in North America and Europe, with Asian markets following shortly after.

2011 Tesla Model S All-Electric Sports Sedan Photos Leaked!

The first official photographs of Tesla's highly anticipated Model S have been prematurely leaked into the internet ahead of the all-electric sports sedan's official debut which is scheduled for this afternoon in Los Angeles. And yes, the first thing that came up to our mind is that the Model S's rear-end and profile bear a 'chilling resemblance to the new Jaguar XF.
Tesla's new proposal is set to arrive on the market in late 2011 with an anticipated base price of $57,400 or $49,900 after a federal tax credit of $7,500. We'll have more info and photos of the Model S latter on in the day.Via: Jalopnik

Tesla Accepts More Than 700 Pre-Orders for Model-S in Two Weeks

In spite of the fact that the first examples of the Model S won't roll off the company's production line in California before late 2011, Tesla Motors has received 711 orders for its all-electric sports sedan in the two weeks that followed the unveiling of the car. The estimated base price of the Model S is $49,900 after a US federal tax credit of $7,500, with customers required to pay a $2,000 refundable deposit. There's also a Signature Edition that will be produced in 2,000 units which requires a hefty $40,000 reserve fee which is also refundable. The Model S that can accommodate up to seven passengers -five adults and two children at the rear cargo area- features an electric drivetrain launching the sports sedan from zero to 60mph (96km/h) in 5.6 seconds and on to a an electronically limited top speed of 120 mph (209 km/h).
The sports sedan come with three available battery pack choices that offer a range of 160, 230, or 300 miles (257, 370 or 482 kilometers) per charge. The lithium-ion batteries can be recharged from any 120V, 208V or 240V outlet or quick-charged from an external direct current supply in 45 minutes.

Mercedes-Benz Parent Company to Announce New Electric Vehicle Partner - Could it be Tesla?

In a few hours from now, Mercedes-Benz's parent company Daimler AG, will announce details on a new "strategic cooperation" for its electric car business. While the German firm did not disclose the name of its partner, rumor has it that it could be Tesla Motors as the two companies have already struck a deal for the Smart EV program which involves the outfitting of 1,000 electric Fortwos with Tesla's lithium ion battery pack and charging systems. We'll update this story as more details become available.

Mercedes' Parent Company Daimler Acquires 10% Stake in Tesla Motors

Turns out that the yesterday's rumors were spot on as Mercedes-Benz' parent company, Daimler AG, announced today in a press conference in Stuttgart that the German firm has acquired an equity stake of nearly 10 percent of Tesla Motors. The two companies that have already sealed a deal to integrate Tesla's lithium-ion battery packs and charging electronics into the first 1,000 units of the electric Smart car, said that new partnership will allow them to work even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.
As part of the deal between the two firms, Prof. Herbert Kohler, Vice President E-Drive and Future Mobility at Daimler AG, will take a seat on Tesla's board of directors.
"Our strategic partnership is an important step to accelerate the commercialization of electric drives globally," said Dr. Thomas Weber, Member of the Board of Daimler AG, responsible for Group Research and Mercedes-Benz Cars Development.
Tesla CEO Elon Musk said that the lithium-ion pouch-cell battery developed by Daimler and especially designed for automotive applications is of interest to the California-based company that recently unveiled the all-electric Model S sports sedan which is scheduled to enter the market in 2011.
"We are looking forward to a strategic cooperation in a number of areas including leveraging Daimler's engineering, production and supply chain expertise. This will accelerate bringing our Tesla Model S to production and ensure that it is a superlative vehicle on all levels," said Musk.

Fact of the Day: Tesla Motors Worth Half of GM's Value!

We are more than aware that this doesn't mean squat in the real world, but nevertheless it's something worth noting. Last Wednesday's announcement that Mercedes-Benz parent company Daimler AG's paid $50 million US or about €37 million to acquire a 10 percent stake in Tesla Motors, means that the value of the California-based maker of electric cars is $550 million US, or 47 percent of what General Motors is worth today based on the firm's current stock price ($1.17 billion US)! Needless to say, GM's stocks have taken a deep plunge lately as the June 1 government-imposed bankruptcy deadline looms.
"It's sort of amusing to see the valuation being half of General Motors," remarked Tesla co-founder Martin Eberhard in an interview today. "There always seems to be this huge disparity between the stock price of high-growth Silicon Valley companies and blue-chip companies that are reasonably mature."
Via: Bloomberg

Lotus Elise and Exige Recall Affects Most Tesla Roadster Models

As most of you may already know, the all-electric Tesla Roadster is based on the Lotus Elise with which its shares numerous parts including the rear hub flange bolts that have been deemed defective. According to the NHTSA, on some vehicles the bolts may be under-torqued and could become loose. The two companies issued separate notifications on the matter with Tesla saying that the recall affects 345 Roadster models manufactured between March 2008 and April 22, 2009 (out of a total of 400 cars sold until May 2009) while Lotus is recalling 27 Elise and Exige vehicles built from January 14 through May 5, 2009.
Both recalls are expected to begin in June. Tesla owners may contact the company at 1-877-888-3752 while Exige and Elise drivers can call Lotus at 1-800-245-6887.