Bloomberg News

Tesla Electric Sedan Snags Motor Trend’s ‘Car of the Year’

November 12, 2012

Tesla Model S

A Tesla Model S. The all-electric car comes with an 85-kilowatt-per-hour lithium-ion battery pack. Source: Tesla via Bloomberg

Tesla Motors Inc. (TSLA:US)’s battery-powered Model S sedan was named 2013 “Car of the Year” by Motor Trend magazine, a first for the maker of electric vehicles led by Elon Musk that’s working to accelerate production.

Tesla’s 2013 Model S, with a $57,400 base price, beat out competitors including Bayerische Motoren Werke AG (BMW)’s new 3-Series sedan, Ford Motor Co. (F:US)’s Fusion sedan, Honda Motor Co. (7267)’s revamped Accord and Toyota Motor Corp. (7203)’s 2013 Lexus GS, Motor Trend said today in a statement. The magazine said it’s the first time the award went to an electric vehicle.

“It is a testament not only to the luxury sedan and electric car segment, but to American engineering overall,” Edward Loh, editor-in-chief of Motor Trend, said in the statement. “To be the first car in the 64-year history of the award to be powered by something other than gasoline must mean it is very special.”

The Palo Alto, California-based carmaker, named for inventor Nikola Tesla, is racing to expand Model S production at its plant in Fremont, California, after saying in September that 2012 deliveries wouldn’t reach an initial 5,000-unit goal. Tesla has said that next year it will build at least 20,000 of the cars and add the Model X electric sport-utility vehicle in 2014.

Tesla rose less than 1 percent to $31.30 in extended trading at 7:11 p.m. New York time after the announcement. The shares gained 2.5 percent to $31.07 at the New York close and have increased 8.8 percent this year.

To contact the reporter on this story: Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net


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Companies Mentioned

  • TSLA
    (Tesla Motors Inc)
    • $238.5 USD
    • 0.40
    • 0.17%
  • F
    (Ford Motor Co)
    • $13.89 USD
    • -0.02
    • -0.14%
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