It's a small-volume producer of $100,000 electric sports cars today. But Tesla Motors Inc. plans to move into mainstream U.S. auto sales over the next six years.
Tesla intends to use $465 million in low-interest loans from the U.S. Department of Energy to support a two-step move from exotic sports cars to lower-priced family vehicles.
In 2011, the California company will begin producing its Model S electric family sedans priced at around $49,900. Five years later, it plans to introduce a more mass-market electric vehicle for less than $30,000, the company says.
The proposed Model S will have room for four adults and rear-facing seating for two children in its cargo area. Tesla thinks it can sell about 20,000 a year.