Tesla Motors has planned to begin building prototypes of its Model S electric sedan in the third quarter at the NUMMI plant located in Fremont, Calif, which was acquired from Toyota last year.
Tesla CEO Elon Musk stated the project will involve a $500 million investment. The Model S is slated for production in mid-2012 while the Model X crossover will launch in late 2013.
There are already 4,600 reservations for the Model S and the company plans to produce 20,000 Models S and X vehicles annually. Both vehicles will be priced around $50,000.
Tesla also has plans to produce its Gen III vehicle which will cost $30,000 and should debut in four to five years according to the CEO.
The current Tesla Roadster is built from Lotus’ chassis, however production will end at the end of 2011 because Lotus will no longer be building the chassis upon which the Roadster is based. The next generation Roadster will be produced at NUMMI and should arrive in three years.
[Source: Car Tech]