Tesla Motors Secures Loan from DOE, Affordable Electric Cars on the Horizon

Electric cars have been on the market for some time now but aside from a few models, they haven’t been embraced by the general public. The reasons vary, some drivers just aren’t ready to plug in their cars, while others have a problem with the lack of horse power, but the main reason the plug and go industry hasn’t taken off boils down to price.  To own some of the more interesting electric car models on the market, you can expect to sign over the rights to the first and second-born child as well as an arm, leg, and few other choice body parts.

That may not be a problem much longer for fans of Tesla Motors. The makers of the sweet as cherry pie Tesla Roadster Sport, just secured a loan from the Department of Energy. The $465 million loan is earmarked for the construction of a new factory where the Model S will be built. The Model S is Tesla’s take on the sedan. The four door will have seating for seven people with five adults and two kids in the back. The car also comes with a 60/40 flat-folding rear seat, and  plenty of room left over for baggage thanks to the second trunk located under the hood and hatch for oversized items.

The Model S has a decent amount of giddy-up going from 0-60 mph at 5.6 seconds and “the electric powertrain provides instant torque at any speed resulting in immediate acceleration whenever it is needed.” The base model has a range of 160 miles per charge, but there will also be batteries available that can get up to 230 to 300 miles per charge.

Speaking of charging and batteries, the Model S’ battery is reported to have a lifespan of 10 years, provided the car is given proper care. When it’s time to recharge, Tesla owners should expect the car to reach an 80% charge in approximately 45 minutes.

So how much damage will the Model S levy upon your wallet? It’s actually not as bad as you might think. After the $7,500 tax credit, interested parties could drive away with a base model Model S for $49,000. The car is due to ship sometime in 2011 and Tesla is currently taking deposits for reservations.

About the Author
Sherri is a freelance writer that has a love of all things fun and geeky including gadgets, gaming, anime, and comics. When she isn't writing or out on the town living it up, she loves doing 10-12 hour marathon sessions on her Xbox 360 or one of her older consoles. It's not an addiction, it's a way of life!
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