Fed chief Ben Bernanke said yesterday—again — that he would extend a program aimed at keeping longterm interest rates low. Post columnist John Crudele calls the move “foolish.” (AFP/Getty Images)
Just two days before its 300-mile electric Model S sedan is delivered, shares of car maker Tesla Motors are really revving.
Tesla stock is up more than 20 percent over the past 12 trading days, closing up 5.3 percent yesterday to $33.78 — its fourth straight day of gains.
The Model S, with a base price of $57,400, is the company’s most important model as it is the first family car.
“A lot is riding on this car,” said auto analyst Jesse Toprak at Truecar.com, which tracks the industry.
“Electric vehicles are going to be put to their biggest real-life test — in the hands of a very demanding group.”
“Tesla can’t afford to get it wrong.”
The Palo Alto, Calif., company sold out its entire 10,000-car production run of the Model S — and bold-faced names like Jay Leno and Will Smith are among those waiting to drive away with theirs as soon as tomorrow.
The sedan, with five adults aboard, can zoom from 0 to 60 mph in 4.4 seconds. Tesla’s Roadster, its first model, accomplished the same feat in 3.7 seconds.
The results rival gas engine cars, analysts said.
The Tesla can go 300 miles on a single overnight charge on home current, costing about $1.36 a day for 40 miles of driving at an average 55 mph, the company said.
The company said it would be profitable this year if it sold 8,000 sedans.
Tesla expects to sell 20,000 vehicles in 2013, including its new SUV, the Tesla X, which boasts gull-wing doors and a low slung contour.
CEO Elon Musk is taking orders for his SUVs with a $40,000 deposit. Its price is unannounced but could reach $106,000.
“Tesla will have no problem finding the initial wave of buyers for the first couple of years, as evidenced by the 10,000 pre-orders they got,” said Toprak, adding Tesla might start a leasing program in 2013 to reach more consumers.