2012 Tesla Model S prototype

2012 Tesla Model S prototype

The Tesla Model S is a stylish futuristic 4-door pure electric sedan slated to go into production in late 2011.

The vehicle debuted with a splash in late March receiving acclaim for its sleek and refined design, up to 300 miles of range (with optional pack), and its hopeful price-tag of under $50,000 after government tax credits.

On Tuesday Tesla announced that they have so far received 1000 reservations for the car.

"To reserve a standard Model S, you put down a $5,000 reservation fee. You put down a $40,000 reservation fee for a Signature Edition Model S," says Tesla spokesperson Rachel Konrad. "We do not break down the number of standard vs. Sig Editions."

“The Model S is a better value than much cheaper conventional cars,” said Tesla CEO, Chairman and Product Architect Elon Musk. “Despite the enormous environmental benefits, lower total cost of ownership will soon become the primary motivation for consumers to evolve from gas guzzlers to EVs.”

At this point Tesla has already delivered over 400 of its 2-seat $109,000 electric Roadsters.

Tesla's ability to produce the Model S will depend on whether it receives $350 million in government loans it has applied for. The money would be used to build an assembly plant. Tesla expects to sell 20,000 vehicles per year.

Source (Tesla Motors)