Tesla Motors Inc (NASDAQ:TSLA) is expected to launch the Model E vehicle at the beginning of 2016, according to Dutch media agency Der Telegraaf. The Model E vehicle is the code-name for Tesla Motors’ mass market electric vehicle. The Model E vehicle is believed to have a range of 199 miles, which is slightly less than the Model S that comes with the 60kWh battery at 208 miles.
The Model E would be Tesla’s first vehicle that appeals to a whole new tier of consumers for the first time. Consumers that want Tesla Roadster or Model S vehicles must be willing to spend $62,000 or more, simply because the base price of the Model S is $62,400 with the federal tax credit. The Model E base price is expected to be at around $35,000, which is close to the same base price of the Chevrolet Volt. The base price of the 2014 Chevrolet Volt is $34,185 (or $26,685 after the $7,500 federal tax credit)
Tesla Motors Inc (NASDAQ:TSLA) registered the Model E trademark on August 5th, 2013. Tesla Motors CEO Elon Musk said that the Model E should not be expected until 2016 at the earliest. It will compete directly against the GM Volt.
Model X: Before the Model E is released, Tesla Motors Inc (NASDAQ:TSLA) is expected to release the Model X SUV. Tesla delayed the production of the Model X in order to make some perfections. This did not stop Tesla Motors Inc (NASDAQ:TSLA) from showcasing the Model X at their showroom in Palo Alto this month though.