Tesla Model S SedanEnlarge Photo
Deliveries for the sleek four-door, which "can carry five adults and two children in quiet comfort," will start in 2012, according to Tesla's website. And with a target starting price of $49,900, it will be considerably more affordable than the $109,000 two-seat Roadster already on sale.
The Tesla Model S will offer several battery pack options that allow ranges of 160, 230 and 300 miles, the company's website says. With its 45-minute "quick charge" capability or one-minute battery swap, Tesla says the Model S can easily drive even farther.
The car will go from 0 to 60 mph in 5.6 seconds and have a top speed of 120 mph. The electric motor and single-speed transmission ensure 100 percent torque delivery 100 percent of the time, Tesla says.
Tesla's IPO is expected to prompt an influx of even more cash, in the form of a $50 million investment from Toyota. Tesla's stock listed on the Nasdaq at $17 per share, beating expectations of opening bids. The company sold 13.3 million shares.
Not since Ford's IPO in 1956 has an American automaker gone public.