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A look at Tesla Motors (NASDAQ:TSLA)’s Third Generation Car

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By on Consumer Staples

Tesla Motors (NASDAQ:TSLA) was founded by some engineers of the Silicon Valley in 2003. They wanted to show the world that what electric vehicles are made of. Their aim was to provide electric motors for the people at affordable prices. The headquarters of the company are located in California. The company’s cars are used on the roads of 37 different countries. The first car that hit the road was the sports car, Tesla Roadster, in 2008. In 2012, the premium sedan, Model S was introduced into the market. This model received several awards that include Car of the Year. It also received a safety rating of 5 stars by the National Highway Traffic Safety Administration of the United States. Now the company is working on Model X which is due to be released in 2015. This utility car will combine the best features of an SUV and a minivan.

Tesla Motors (NASDAQ:TSLA) is currently working on a small car so that it can reach out to a greater population of consumers. On Wednesday, the company announced that it has named this small car, which is still under planning, as Model 3. This car will set foot in the market in 2017. It will be a competition to the 3 Series sedans of BMW. The car will be priced $35,000, which is half of the initial price of the company’s first sedan, Model S.

CEO of Tesla Motors (NASDAQ:TSLA), Elon Musk, claims that the new car will be the same size as the BMW 3 Series cars and its driving range will be approximately 200 miles when fully charged. The Model 3 will be Tesla Motors (NASDAQ:TSLA)’s third generation of cars. The first generation being the Roadster, whose production was limited. The second generation comprised Model S and Model X. They have the same support architecture. As mentioned, Model S has already hit the market while Model X is waiting for 2015.

The cost of the electric vehicles will be lower for the consumers in U.S. This is because of a federal tax credit worth $7500 and, in some states, state tax credit. Auto Express of Britain was the first to report the name of Tesla Motors (NASDAQ:TSLA)’s new car. On Wednesday, a spokesperson for the company confirmed that the new model was indeed named Model 3. Previously, it was called as the “Gen 3 Car”. According to the spokesperson, the company is still focused on Model S and is working on preparations for launch of Model X. CEO, Musk, believes that the Model X will start selling by second quarter in next year.

The 2012 model, Model S, has two different sizes of battery packs. With the larger one, it drives 265 miles and with the smaller, 208 miles. The driving ranges are rated by the Environmental Protection Agency. The model with the smaller battery is priced $70,000 and the one with the larger battery costs $80,000. On Wednesday’s trade, the company’s shares fell -0.1% and traded at $219.38. Last year, the share price was $104.50.

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