Tag archives for Luxury Car
Tesla is ready to help out those owners who feel that their Roadsters aren’t new and shiny enough. According to a new report, the electric car maker will be giving owners a credit when they trade in a Roadster for a new Model S.
The San Francisco Chronicle reports that Tesla has created a buyback program for current Roadster owners who are looking to move into a new Model S. Tesla’s program works just as any other trade-in deal would work, and has been created to help simplify the process for Model S/Roadster customers, according to Tesla representative Christina Ra. Since some Model S variants are actually priced well below the Roadster, it is possible for an owner to receive more on a trade than the cost of the new car. “In that case, we’d write you a check,” Tom vonReichbauer, Tesla’s director of finance, told the Chronicle.
Pricing for the Model S hatchback starts at $57,400 for the 40 kWh battery, steps up to $67,400 for the 60 kWh car, and $77,400 for the 85 kWh model (all prices are before any government tax rebates). The EPA has already rated the 85-kWh Model S at 89 MPGe and a range of 265 miles. Currently, the only Model S versions being built are the top-spec Signature Performance models that use the 85-kWh battery; an upgraded interior, suspension, and wheels; and the exclusivity of being just one of 1000 units built. Once all the Signature models are built, the automaker will begin to produce the Model S and Model S Performance versions.
Having a cache of Roadsters will also help Tesla, the Chronicle points out. Having another vehicle to sell alongside the Model S until the Model X crossover debuts will help the automaker keep retail sales going. It’s expected that a Roadster would be resold for anywhere around $73,000 to $94,000 depending on age and mileage of the car.
Source: San Francisco Chronicle
Check it out: according to Silex Power, it’s a force of nature,” a “fluid form… the pinnacle of technological innovation. It’s the epitome of elegance and luxury, a synopsis of the superior class… the most technologically vehicle ever conceived. It’s the dawn of a new era in electric mobility – the Chreos.
Yes, the Chreos boasts 640 horsepower and 4,400 Nm (about 3,245 in pound-foot) of torque. The Chreos can reach 300 kilometers per hour (about 186 miles per hour) and goes zero to 100 km/h (about 62 mph) in under 2.9 seconds. Oh, and a car this fast leaves range anxiety in the dust: it can go 1,000 kilometers on a single charge – that’s about 621 miles. One last thing: the Chreos has the Tesla Model S and its Supercharger beat hands down since it can fullly charge in less than 10 minutes using its HyperCharge Technology!
There must be a catch in there somewhere. Oh yeah, it isn’t here yet. It’s a concept vehicle being designed by Silex Power, which has worked for a few years in the renewable energy and sustainable development markets. According to a company source, it will take about three years to make it to production. There’s a video below offering a rendered look at the concept car.
By Jon LeSage
Production of the Tesla Model X crossover has been pushed back from the end of this year to the end of 2014. A Tesla representative told the Los Angeles Times that the wait for the electric crossover has increased as the company focuses on filling orders for the Model S four-door, which could reach 20,000 units this year.
The original Tesla Model X was supposed to go on sale early in 2014, but now deliveries will likely begin early 2015. While Tesla focuses on Model S sales and delays the Model X, the company has pledged to pay back its Department of Energy Advanced Technology Vehicle Manufacturing (ATVM) loan by 2017 – five years earlier than the original deadline.
We’ve taken a ride in a Tesla Model X prototype, which has flashy “falcon doors” that Elon Musk said will make installing child seats easier. At the time, Musk estimated that the Model X would weigh 10-15 percent more than the Model S, or about 4700 pounds.
Tesla also expects to make a modest profit for the first quarter of 2013. The company has also raised $40.5 million from sales of zero-emission vehicle credits and greenhouse gas credits to other undisclosed companies, according to its annual report. The next Tesla model in the pipeline is a smaller electric sedan at a lower price point to appeal to broader range of customers.
Source: Los Angeles Times, Tesla
By Jason Udy
George Blankenship, Tesla’s VP of worldwide sales and ownership experience, recently took the opportunity to allay future Model S customer concerns with an update on the electric family sedan.
With production scheduled to commence in mid-2012, the first 1000 units built will be part of the North American Model S Signature Series. In acknowledgment of these initial models, they’ve been deemed “limited edition” and will come with their own unique badges and special options. All North American Model S Signature Series sedans will have the big 300-mile batteries.
We’ve long heard the Model S will start at $57,400 with the smallest 160-mile battery. Blankenship also disclosed the 230-mile battery will add another $10,000 to that cost, while the 300-mile battery will be a not unsubstantial $20,000 on top of the base price. As an incentive, a federal $7500 tax credit is being touted, and state governments may have their own financial perks for supporting alternative propulsion. Final MSRP and option prices are due this summer.
With the 300-mile packs expected off the line first, the 160- and 230-mile batteries will follow later in 2012. Left-hand drive deliveries to Europe will also begin in late 2012 and right-hand drive applications for Europe and Asia will follow suit in mid-2013. Tesla anticipates a grand total of 5000 sedans produced in 2012 at the NUMMI plant in Fremont, California. By 2013, the EV builder will be targeting an annual total of 20,000.
A few months ago, we found that Tesla expects the 20,000-unit production mark to bring them to profits. Stay tuned as we continue to follow the progress of this much-hyped electric sedan from Silicon Valley.
By Benson Kong
Not long after offering 2.7 million additional shares, Tesla has just announced that the company has fully repaid the Department of Energy loan that wasn’t due until late in 2022. The announcement follows a string of recent company updates, including how Tesla sells and warranties the Model S.
Tesla wired $451.8 million to fully repay the loan with interest, and in a release the automaker says it is the only American car company to have fully repaid the government. Then again, Tesla currently only offers one vehicle, the lauded Model S. The larger and delayed Model X (pictured at right) is set to arrive next year.
UPDATE: Tesla isn’t actually the only American automaker to pay back government loans. Chrysler points out that, about two years ago, it paid back government loans to the U.S. and Canadian governments in full. For another perspective on this issue, read this Forbes blog.
So far, Tesla has worked with Mercedes and Toyota, and offered the all-electric Lotus-based Roadster, a car the company says had a 30-percent gross margin. More recently, we’ve heard about the Model S’ improved financing terms as well as a resale guarantee and a lenient warranty update. Next week, Tesla will reveal details on a revised supercharger system. Company co-founder Elon Musk hinted at the announcement on Twitter, saying there may soon be a way to recharge a Model S throughout the country faster than you can fill a gas tank.
The Department of Energy loan fit into the Advanced Technology Vehicle Manufacturing program of which Fisker was also a part. On the original $451.8 million loan, Bloomberg notes that taxpayers will make at least $12 million from the deal. Paying off the loan early was made possible thanks to the roughly $1 billion raised in last week’s new common stock and convertible senior note offerings.
While reaching truly stable financial ground is still anything but a certainty for Tesla, it appears the company is on the right track.
Source: Tesla, Bloomberg
By Zach Gale
The New Year promises to bring lots of automotive cheer and new sheet metal to Motor Trend’s garage. Below is a list of more than a dozen new vehicles slated to hit the market in 2012, which should be more than enough to keep us busy with drives, tests, and reviews. The Motor Trend staff was tasked with the difficult job of picking their top three cars from the list below that they can’t wait to drive in 2012, and from there we tallied up the Top 5 vote getters. Do you agree with the winners? Sound off below.
2012 BMW M5
2013 Cadillac ATS
2013 Chevy Sonic RS
2013 Dodge Dart
2013 Ford Focus ST
2013 Ford Shelby GT500
2013 Mini Countryman JCW
2013 Porsche 911 Turbo
2013 SRT Viper
2013 Subaru BRZ/ Scion FR-S
2013 Subaru WRX/STI
2013 Tesla Model S
2013 Volkswagen Golf R
1. 2013 Subaru BRZ and Scion FR-S
This shouldn’t come as a surprise. Toyota and Subaru have been hard at work jointly developing an affordable and fun-to-drive, rear-wheel drive sports car for the masses. And if you’ve been visiting www.motortrend.com, you’ve probably noticed both companies teasing us with sketches, specs, show cars, camouflaged cars, and on and on and on for years now. Well, 2012 is the year to find out if all the hard work and teasing has been worth the wait. And from our initial drives thus far, the BRZ and FR-S look very promising.
First Drive: 2013 Scion FR-S
First Drive: 2013 Subaru BRZ
2. 2013 SRT Viper
After a years-long hiatus, the Viper is coming back with its snake eyes set on the Corvette and Porsche 911. Expect many changes to the iconic American sports car, especially with Fiat now at the helm of Chrysler. We’ve heard the Italians, who know a little bit about sports cars, have been involved in the new Viper’s development. In addition, the 2013 Viper will be sold under the newly formed SRT brand, s0 it’s more critical than ever that the new Viper will be a world-class performer both on and off the track. As MT’s digital director Mike Floyd states, the 2013 SRT Viper is the “halo car SRT/Chrysler desperately needs if it’s going to be taken seriously as a true global performance brand.” And just to reiterate, “the pressure on this one is massive,” says editor-in-chief Ed Loh. “Looking forward to the return of the beast.”
3. Tied: 2012 BMW M5 and 2013 Cadillac ATS
2012 BMW M5
How will a turbocharged, eight-cylinder M5 perform on the road and on the track? That’s exactly what MT staffers are eager to find out. Road test editor Scott Mortara was among the first bunch of lucky journalists to drive the new M5 and he seemed to like it. “Without a doubt, the new 2012 BMW M5 is better than its predecessor in every way,” Mortara wrote in his first drive review of the 2012 M5. “Some say they’ll miss the high-rpm V-10 screaming under the hood. Not me. I’ll take this subtle torque monster any day. Much like a purveyor of fine spirits, when an automaker starts with quality components, and adds time, insight, and desire, it’s possible to create something amazing — a vintage that can truly be savored. With the new M5, BMW has done just that.”
2013 Cadillac ATS
“Every few years some car maker declares they’ve cracked the 3 Series code,” said senior features editor Jonny Lieberman. “None succeed. However, Caddy actually went to Germany, Bimmer’s home turf. So, maybe.”
Just maybe. So what is Lieberman talking about exactly? Well, as former editor-in-chief Angus MacKenzie adds, “the engineering team picked the delightful E46 3 Series as its dynamic benchmark for the new baby Caddy.” And as we’ve seen from the countless videos Cadillac has produced, the development team has spent countless hours and laps around the famed Nurburgring for testing. Given what we’ve seen so far, it’s hard to imagine what else General Motors could’ve done to develop its new 3 Series fighter. MacKenzie continues, “I can’t wait to find out if Detroit can really out-BMW BMW.” Neither can we.
4. Three-Way Tie: Ford Focus ST, Volkswagen Golf R, and Tesla Model S
2013 Ford Focus ST
With past generations of the Focus, we Americans have always lamented that the sportiest Focus models over the years were sadly out of our reach, available only in Europe and elsewhere. That all changes with the 2013 Focus ST. The 2012 Ford Focus has proven itself as having good bones; with the additional performance of the ST model, Ford may again have a real hot hatch competitor in the U.S. — if it’s not priced out of the market. So what are we looking forward to exactly? Basically, it’s the 2.0-liter, 250-hp, turbocharged, Ecoboost four banger wrapped around sleek sheetmetal. “After years of watered-down, rental-fleet Foci, Ford finally brings us a real contender in the ST,” said news director Ed Sanchez. “The VW GTI and Mazdaspeed 3 will have to make room in the sandbox for the new kid from Dearborn.”
2012 Volkswagen Golf R
We liked the first-gen Volkswagen R32, which was armed with the burbling 250-hp,VR6 engine and a manual transmission, and all-wheel-drive. The VR6 carried over in the second-gen R32, but it was only offered with the DSG transmission, which wasn’t a bad thing — unless you, like most of us in the office, are diehard fans of the third pedal. The 2013 Golf R is coming to America in manual transmission-form only and will be powered by a new 2.0-liter, turbocharged four-cylinder making 260-hp, and fitted with VW’s 4Motion all-wheel-drive system. Will we miss the VR6? Stay tuned to find out.
2012 Tesla Model S
Following the incredibly fast Tesla Roadster comes the Model S, the electric car for every (well off) man. Tesla recently confirmed a base price of $49,900, which includes a 40kWh battery and a range of 160 miles, which should be good enough for most Americans. “Sexy styling, cutting-edge tech. What’s not to like,” asks Sanchez. “Granted, Tesla has its share of skeptics and haters, but this could be the breakthrough car for the still-struggling electric upstart.”
5. Tied: 2013 Dodge Dart and 2013 Porsche 911 Turbo
2013 Dodge Dart
It’s been awhile since Dodge has produced a remotely memorable compact car (Dodge Neon anyone?). The 2013 Dodge Dart should change that. “As the Caliber retires, we might soon see an Elantra-like transformation here for Dodge in the compact car segment,” opined copy editor Zach Gale. “I can’t wait to discover whether that nine-speed automatic transmission performs smoothly or constantly hunts for gears.”
2013 Porsche 911 Turbo
Executive editor Ron Kiino recently had some wheel time behind the new 991 Porsche 911 and expects it to continue on as a sports car benchmark. “When we want to say just how quick a car is, or how well it handles, or how amazing its steering is, well, there’s one reference we turn to, Kiino wrote in his first drive of the 2012 Porsche 911. ‘”The new Evo corners as well as a 911!’ ‘This ‘Vette is even quicker than a 911!’ ‘The GT-R is so fast it can hang with a 911 Turbo!’ You get the point.” And like always, Porsche will keep things interesting with a number of variants such as the turbo. “The old 911 Turbo was Veyron-lite; delivering staggering acceleration and a swaggering sense of invincibility on the road,” said MacKenzie. “My wheeltime in the new Carrera S suggests this latest 911 is the best ever. If the new 911 Turbo delivers the same step-change, it’s going to be a helluva car.”
Tesla has opened up about the Model S four-door’s recently announced price bumps: for all reservations placed after the end of 2012, Tesla Model S prices will increase by $2500. Before federal tax credits, that means the 40 kW-hr model will now cost $59,900, add $10,000 for the 60 kW-hr model and $20,000 for the 85 kW-hr model, while the 85 kW-hr Performance model will carry an MSRP of $94,900.
All Tesla Model S cars with the revised pricing will add as standard equipment 12-way power seats and heated front seats. At a constant 55 mph, Tesla estimates the ranges of the three different motor choices at 160, 230, 300 miles. Claimed acceleration from 0-60 mph times take from 4.4 to 6.5 seconds, though we tested a Performance model completing the sprint in 3.9 seconds.
Tesla notes that the $2500 price increase is half the rate of inflation, and with plenty of press — it was the Motor Trend 2013 Car of the Year, after all — luxury customers may still be willing to pay the premium. Speaking of premiums, Tesla is also offering a four-year/50,000-mile extended warranty above the car’s standard four-year/50,000-mile basic warranty.
The automaker has also revealed pricing for battery replacements. Taking the mystery out of the one maintenance detail that scares many about electric cars, Tesla says that $8000 will buy 40 kW-hr Model S customers a new battery to be installed at any time after the eighth year of ownership. The cost rises to $10,000 for the 60 kW-hr battery and $12,000 for the 85 kW-hr battery.
Those battery replacement option prices cover the battery and all installation labor and parts needed to make a Model S whole again. Customers who don’t select the option at time of order will have up to 90 days from date of delivery to choose it, and the prepaid battery will apply to second and subsequent owners even if the original owner sells their car. And while it states the fresh battery reprieve comes after the magic 8-year mark, there “will likely be economic outcomes (incentives or drawbacks) tied to early or late exercise options,” per a Tesla spokesperson.
Considering Tesla’s vehicle servicing strategy, we had to ask if a mobile battery swap was foreseeable in the year 2020. Representatives seemed amused by our image of an electric-powered box truck with enclosed lift being the 2020 version of the electric-car maker’s Service Ranger, but it appears the B&M route is the safe bet for the time being.
Read more about the Tesla Model S in our First Test and Range Verification article.
Benson Kong contributed to this post.
By Zach Gale
Like it or not, an increasing number of automakers are experimenting with electric vehicles. Whether EVs will supplant internal combustion engines or only complement regular vehicles depends on how well executed they become. On this episode of Wide Open Throttle, host Jessi Lang and Motor Trend technical director Frank Markus attempt to drive the all-new Tesla Model S from Los Angeles to the Las Vegas strip on a single charge – the first real-world range test of its kind.
The Tesla Model S, which is the personal car of Tesla Motors CEO Elon Musk, is fitted with the larger 85-kW-hr battery pack that is EPA rated at 265-mile range. An earlier test by testing director Kim Reynolds and associate online editor Benson Kong netted about 238 miles – short of the official rating. While Lang’s and Markus’ trip was only about 210 miles, they were facing two 4000-foot mountain passes in route to Sin City. In an effort to reduce energy consumption, the duo climbed the summits at 55 mph with the air conditioning off and the windows up in 100 + degree temperatures.
Check out the video below to see if Lang and Markus made it to Las Vegas on a single charge or if the Tesla Model S ended up on the back of a flatbed tow truck. Don’t forget to check out our two Tesla Model S road trip stories here and here.
By Jason Udy
Tesla has announced a new, more affordable way to get behind the wheel of a Model S. Essentially a leasing program, Tesla’s new financing is designed to make it more affordable than ever to buy a Model S. How affordable? Tesla is tossing around a $500-per-month figure with no money down, though that’s with a bit of creative math, which we’ll explain below.
The program, a collaboration with U.S. Bank and Wells Fargo, works by having the banks pick up the Model S’ 10-percent down payment. The down payment is covered by federal and state tax credits, which range from $7500 to as high as $15,000, if you live in West Virginia. Essentially, the banks are using as a down payment the tax credit Model S buyers would otherwise receive further down the line.
The buyer, who Tesla chief Elon Musk says must have excellent credit, then makes a monthly payment based on a 2.95-percent interest rate. According to Tesla’s math, that could amount to about $500 per month for 66 months for a buyer of a 65 kWh Model S. That figure is all smoke and mirrors, though, as the automaker is taking into account intangibles like the time you save by using the carpool lane or avoiding the gas station.
For example, say you’re a wealthy West Virginian business owner who’s purchasing a new 65 kWh Model S, who drives 15,000 miles per year, and is getting out of a BMW 550i, which nets 20 mpg combined on the EPA test cycle. Right there, Tesla says you’ve netted $267 per month in energy savings if you figure the average price of premium gas over the next three years will be $5 a gallon. Drive your car for business? Deduct at least $200 per month off. Is your time worth $100 per hour? Then you’ve essentially saved $167 by cutting your commute by five minutes every day, using the carpool lane. Under all those conditions, according to Tesla, your monthly payment amounts to just $184 per month. Except it doesn’t. This West Virginian businessman will actually be paying $1051 per month for his Model S. An 85 kWh Model S Performance, the quickest American four-door we’ve ever tested, would really cost $1421 per month, and the regular 85 kWh model goes for $1199 a month. It’s worth noting that the costs of driving a $1400-per-month Model S will almost certainly be less than driving a comparable $1400 per month gas-powered car.
After three years of owning the Model S the owner will have the opportunity to sell the car back to Tesla, for at least the same residual value of an equivalent-year Mercedes-Benz S-Class. At the moment, that value is 43 percent, as long you drive less than 12,000 miles a year. For those concerned about the viability of Tesla in the long run, Elon Musk will pick up the tab in the unlikely case Tesla doesn’t exist after those three years.
Ultimately, this program looks to be a win for Tesla and a way for those who might not otherwise be able to afford a Model S to get their hands on one of our favorite electric cars. As for what’s next from Tesla, Musk promised the automaker would begin holding weekly phone conferences with the press, so stay tuned.
Play with Tesla’s True Cost of Ownership Model S calculator here.
Tesla Motors announced today that it will report profitability for the first quarter, after sales of the Model S electric sedan exceeded expectations. Tesla has sold 4750 units of the car thus far, up from the 4500 units previously planned.
The announcement is good news for Tesla after a disappointing year in 2012, when the company lost almost $400 million. Last year, Tesla sold just 2650 units of the Model S while it ramped up production of the car.
“There have been many car startups over the past several decades, but profitability is what makes a company real. Tesla is here to stay and keep fighting for the electric car revolution,” Tesla CEO Elon Musk said in a statement.
The company also announced two changes to the model lineup. First, Tesla has killed the low-range, 40-kWh version of the Model S. Only four percent of customers asked for the smallest battery, making it financially difficult for Tesla to build that version. Customers will receive the next largest battery pack, with a capacity of 60 kWh, but the car’s software will keep range equivalent to that of the 40-kWh pack unless owners pay for an upgrade.
In addition, Tesla revealed what it calls an Easter egg in the new Model S. Although the hardware to use Tesla’s Supercharger fast-charging network was supposed to be optional, it has actually been included in all versions of the Model S. Customers can simply pay for a software update to “unlock” the function if they need to use the Supercharger network.
Source: Tesla Motors
By Jake Holmes