Tesla Motors Inc. on Thursday lifted the cover off a prototype of its four-door Model S â€” which the company hopes to make the worldâ€™s first mass-produced, highway-capable electric vehicle.
â€œOur objective with the Model S was to create one of the most functional, intuitive and beautiful vehicles on the road,â€ said CEO Elon Musk, in a prepared statement.
The event for Tesla Roadster customers, select VIPs and media was held at the companyâ€™s Hawthorne design studio in Southern California.
The company is waiting to hear if its $350 million loan has been approved for the Department of Energyâ€™s Advanced Technology Vehicles Manufacturing Loan Program. Tesla wants to use the loan to build a manufacturing facility for the Model S.
The vehicleâ€™s base price is expected to be $57,400, said Tesla spokeswoman Rachel Conrad. A federal tax credit of $7,500 would amke the effective price $49,900.
Existing Tesla Roadster owners are expected to receive a $10,000 discount off the price of the Model S Signature series and automatically be first in line for the sedan, according to Musk. Conrad said the first Model S units could start rolling off the assembly line in 2011.