 Expect Tesla's smaller sedan to possibly look like this Model S, only smaller. Maybe. Fresh off its first-ever profitable quarter and basking in rave reviews for its Model S sedan, Tesla Motors is making plans for a third car that could turn the California startup into a full-line automaker.
At its recent annual shareholder meeting, CEO Elon Musk told the crowd that the company would develop a third-generation platform by 2016 or 2017 that would be smaller than the Model S at half its price. Musk didn't elaborate on the car and only mentioned it on a passing PowerPoint slide, a contrast to his usual showboating, as when he debuted a second Model X concept at Detroit's North American International Auto Show in January. "I don't care what you say," he stated at the time in front of the Model X, an all-wheel-drive crossover slated for late 2014. "There is no competition at this show for us." At this point, we can't really disagree with him. With company shares hovering near $100 (more than double the price from two months earlier) and a $465 million federal loan paid off nine years early, Tesla is riding high. Even with plans to increase the number of Tesla's Supercharger fast-charging stations from eight to nearly 80 by year's end, Musk was cool on the company's future. "Even if we absolutely suck at cash management, we'll still do OK," he said. Musk has long wanted to build a less expensive electric car, but wouldn't have garnered the money or the attention without introducing pricey, top-tier cars such as the Roadster and Model S. The third model, code-named "Blue Star," supposedly will aim for the BMW 3-series, not the Nissan Leaf. (Despite the platform shift, this is as was reported last summer.) In an interview two weeks earlier with Bloomberg, Musk hinted the car would cost less than $40,000 and have a 200-mile range. "With the Model S, you have a compelling car that's too expensive for most people," he told Bloomberg. "And you have the Leaf, which is cheap, but it's not great. What the world really needs is a great, affordable electric car. I'm not going to let anything go, no matter what people offer, until I complete that mission."
Whenever Musk talks money, the asterisks spill out. The Model S was supposed to start at $57,400 (before the federal tax credit of $7500) and did for a while, until the company dropped the base model in April, citing low demand. The Tesla Roadster was supposed to cost $92,000, but Tesla inflated the price by $17,000 before the first customers took delivery. And we won't let Tesla off the hook for its misleading lease program, in which the company advertises the Model S for $580 per month—hundreds less than what a buyer must actually cough up. Against pricier plug-ins such as the upcoming Infiniti LE and Cadillac ELR, both of which could easily crest $60,000, Tesla would have a clear shot if it caters to luxury owners instead of skimping on features, as Nissan did with its new Leaf S. Musk made it clear that with greater production—the company has delivered more than 4900 cars in the first quarter and plans to build 21,000 by year's end—the third car's price must be capped. "On the other hand, we will have a much higher volume over which to divide fixed costs," he said to investors. "I'd rather sell a car for less in that case than necessarily try and get the highest gross margin." That all sounds great, but Tesla still needs to start flapping the gullwing doors of its second vehicle before we get excited about its third.  from Car and Driver Blog http://blog.caranddriver.com | |||
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