Tesla to Introduce $30,000 Sedan

By Leslie Spellman :: 7:04 AM

Electric car maker Tesla Motors will soon introduce a lower-priced sedan, built with the same technology as its popular Model S sedan, but selling for about half of the price. The company is planning on the price tag for the new vehicle to come in around $30,000.

Buyers hoping for an affordable Tesla sedan shouldn’t head to the dealership just yet, however. Tesla CEO Elon Musk said last week that while he hopes to enter the lower-priced market, it won’t happen for three to five years. The model Musk hopes to introduce will be comparable to a BMW 3 Series or Audi A4 sedan.

Along with the lower priced sedan, Tesla Motors also recently revealed that the company is working on an aggressive rollout of special rapid charging stations in cities across the country. Eight such stations are currently in operation – one in Connecticut, one in Delaware, and six in California.

By the end of June, Tesla hopes to have 25 new charging stations in cities including Chicago, Denver, Houston, Seattle and Portland. 100 stations should be on line by the end of the year, with another 100 coming in 2014. The rapid chargers can recharge Tesla vehicles in about 20 minutes.