Tesla’s Reaching for $200, But Is it Going to Be Worth That?
“Am happy to hear that GM plans to develop an affordable 200 mile range electric car. Right target. Hope others do same,” said Elon Musk via Twitter on September 19, 2013.
General Motors (NYSE:GM) has taken note of Tesla’s (NASDAQ:TSLA) rising star. Doug Parks, GM’s vice president of global product programs told reporters from The Wall Street Journal that the automaker is developing an all-electric vehicle with a range of 200 miles that will priced around $30,000. But that news did not keep investors from bidding shares of Tesla’s stock to a new all time high on Thursday which continued right on up Friday.
While the $70,000 price tag of the Model S sedan makes the car prohibitively expensive for most people in the world, Tesla has proven most other negative stereotypes of electric vehicles to be wrong — namely, that gas-powered vehicles are undoubtedly superior. The fact that Model S has been hit with several important accolades this year shows the industry agrees. Motor Trend declared the electric vehicle its 2013 Car of the Year, an award the magazine has been conferring for the last 60 years.