Singer Miley Cyrus takes a ride in a Tesla Roadster electric car. The California based auto maker marketed the $109,000 Roadster as an electric sports car for celebrities and performance-car enthusiasts. Over the last four years it sold just 2,100 units. Research firm JD Power and Associates predicts that sales of electric cars will reach 36,000 in 2012 and grow to around 96,000 in 2015. That will still be less than 1 percent of total US vehicle sales. Tesla will turn a profit if it can capture a portion of this market.
In July the auto maker will roll out the Tesla Model S electric 5-door that is being developed at the company's plant in Fremont, California. The Tesla Model S has a starting price of $57,400 for a 160-mile single charge range while the 300-mile version will be priced for about $77,000. The affordable car has been produced with low capital costs. Tesla got a $465 million loan from the US government in 2009, under the Advanced Technology Vehicles Manufacturing Loan Program. It also bought a auto plant from Toyota for just $42 million in 2010. The company is slush with funds and is planning another electric car, the Model X SUV crossover, for 2014. Tesla Motors also makes electric car technology, such as battery packs and chargers, for Daimler and Toyota. It is well placed to turn a profit in the electric car vehicles market.
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