Tesla Motors Inc. (NASDAQ: TSLA) is kicking off sales of its new Model S sedan this month, and the company wants to make it easier for buyers to drive one off the lot. To that end, the company announced last night that it has struck a deal with Wells Fargo & Co. (NYSE: WFC) to offer “competitive retail financing options” for the car. The deal is non-exclusive and is really no different from any other loan a consumer might get from a bank:
The actual rate, term and down payment requirements for any loan will be based on each customer’s credit profile and financing is subject to approval. Model S customers who obtain retail financing may also qualify for state tax credits, rebates, sales tax exemptions, free parking, commuter-lane passes and other perks.
The base price for a Model S is $57,400, which drops to $49,900 after the federal rebate. A fully loaded Model S with the 85 kWh battery is listed at $97,900. The 40 kWh battery in the base model is rated for a range of 160 miles, while the 85 kWh battery is rated for 300 miles, according to Tesla.
Tesla plans to build 5,000 cars by the end of this year and 20,000 next year. The company claims 10,000 reservations (not exactly orders) for the Model S to date.
Shares of Tesla are up nearly 2% this morning, at $32.83 in a 52-week range of $21.50-$39.95. The reason for the increase is anybody’s guess.
Paul Ausick
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