Tesla Want's Your Next Car To Be Electric
Ready or not, here it comes: Silicon Valley's upstart automaker Tesla Motors (TSLA) confirmed on Tuesday that its groundbreaking Model S, a luxury-sports sedan powered entirely by electricity, was on track to enter production by this summer.
It's easy to dismiss the idea of an upstart competing with the likes of Toyota (TM) and Ford (F), but the Model S is no joke: Tesla already has more than 8,000 orders for the car, and each of those orders came with a $5,000 deposit.
When you consider that this is a car that starts at nearly $50,000 (and that's after a big tax break), and can run up to almost double that fully loaded, that's an impressive total. Add in the fact that almost nobody has actually test-driven a Model S, and it's clear that there's some excitement brewing around this sleek new machine.
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