Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk revealed additional details of the affordable electronic vehicle that is in their pipeline, known as the Model E.The Model E is expected to have double the range and battery capacity of other existing electric vehicles.
The Model E will be 20% smaller than the Model S with the same 200 mile range on a single charge. This is around 80% the capacity of what is found in the Model S, which is around 48kWh. This is double the 24kWh battery in the Nissan Leaf, which has a range of 75 miles on a full charge.
The Model E is expected to be priced at about $35,000, which is half the cost of Model S. Tesla Motors recently announced it is building a battery gigafactory to drive down costs of battery packs by over 30%.