Wednesday, May 26, 2010

Tesla and Toyota team to top electric car market

Recently, it was announced Toyota would buy a large stake in Tesla Motors, the electric car company. Tesla has a claim to fame of making high end totally electric roadsters that can do 100 miles per hour with impunity. Any car going from 0 to 60 is an achievement, but the flagship model for Tesla, the Tesla Roadster does it without the use of gasoline. Toyota announced the purchase after Tesla filed for an Initial Public Offering after a loss of revenue.

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The Tesla Toyota Deal

Toyota is already one of the leaders in the field of hybrid cars, as the Toyota Prius retains the top spot for hybrid sales. Toyota pledged to put up $ 50 million after Tesla Motors announced a forthcoming IPO to raise capital after some losses. According to the New York Times, Tesla Motors had suffered losses of more than $ 56 million in 2009, and it filed for an Initial Public Offering of stock to boost capital. The Tesla Roadster starts at about $ 109,000, so auto loans for bad credit for the car are considerable.

The flagship Tesla Roadster

The claim to fame for Tesla Motors is the Tesla Roadster, the fastest production electric or hybrid car. The basic model is capable of going from 0 to 60 miles per hour in 3.9 seconds. The slightly faster Tesla Roadster Sport is capable of the 0 to 60 miles per hour feat in 3.7 seconds, and costs $ 20,000 a lot more. That won’t get Guinness involved, but as far as hybrid or electric cars go it is a miracle. (Should you wonder, the fastest non-boutique production car from a major domestic manufacturer is the Corvette ZR1.)

Good for both

Tesla and Toyota stand to benefit. Tesla is a green manufacturer, already producing an eco-friendly sports car, and soon the business will start manufacturing the Tesla Model S, a family sedan that will retail for under $ 60,000. Part of the Toyota venture is allowing the Model S could be manufactured at the NUMMI manufacturing facility, which was recently closed. It appears a Tesla of any sort creates sparks wherever it goes.

Article resources

New York Times

Tesla Roadster

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