Sam Fiorani, vice president for global forecasting at AutoForecast Solutions, said these efforts should eventually yield huge financial benefits for Tesla, including from environmental credits and fees for charging sessions.Ĭurrently, Tesla operates about 1 in 3 charging stations in the U.S. Becoming the charging standard has required Tesla to invest heavily in technical and business development.īut Tesla has plenty to gain from working with others. The partnerships mark a strategy shift for Tesla CEO Elon Musk, who for years touted the exclusivity of Tesla's charging network and his company's ability to build reliable charging locations that would keep consumers from sitting in long lines. GM CEO Mary Barra said at the time that her company expected to save up to $400 million of a planned investment in building out EV charging stations. Tesla has forged a similar agreement with General Motors, which was announced in June, giving GM customers access to more than 12,000 Tesla fast chargers in the U.S and Canada. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Tesla also said in its announcement that the $1,051 monthly payment for a Model S under one of the loans it described Wednesday was closer to $500 a month if consumers included their savings from not buying gas for the car.Best Debt Consolidation Loans for Bad Credit "I don't think it helps Tesla much, because if someone is in the market for an electric car I don't think coming up with cash is a problem." ![]() "It's probably a sound business practice, but it's not revolutionary," Lambert said. Conventional auto dealers provided a similar arrangement for consumers in 2009 during the federal government's "Cash for Clunkers" rebate program. Scott Lambert, executive vice president of the dealers association, said Tesla's financing plan using government tax credits was not unprecedented. Paul, which has opposed Tesla's plans to open company stores in Minnesota rather than conventional dealerships, said it had no quarrel with Tesla's unusual financing plan. The Minnesota Automobile Dealers Association in St. "Our early analysis suggests that while the program is likely incrementally positive, it may perhaps not prove a game-changer in terms of demand,'' wrote Ryan Brinkman, a New York-based analyst for JPMorgan, in a note to investors Wednesday. Wall Street wasn't convinced the financing plan would provide much of a boost to Tesla's electric car sales, and Tesla stock fell $3.24, or 7.3 percent, to close at $41.10 Wednesday. Wells Fargo officials in Minneapolis declined to comment on their role in financing Tesla car purchasers. Customers should see their tax adviser for details on what's available to them,'' said a U.S. ![]() "We are not involved with the tax credit. In either case, a 10 percent down payment would be required consumers who wish to use the tax credits for the down payment must obtain the credits on their own. Bancorp, based in Minneapolis, said it was offering to lend 90 percent of a Tesla car's purchase price for a repayment period of up to 63 months, and to lend 85 percent for up to 66 months. The tax credits could range from $7,000 to $15,000, depending on the state where the consumer lives. Under the financial arrangement announced by Palo Alto, Calif.-based Tesla, the two banks would provide consumers with loans to buy Tesla's $69,900 Model S electric car at a 2.95 percent interest rate for more than 60 months if they put down 10 percent of the purchase price.īut, in an unusual wrinkle, the banks would also allow the 10 percent down payment for the car to be made from federal and state tax credits that encourage consumers to purchase electric cars. stock dropped more than 7 percent Wednesday after it announced a plan late Tuesday to broaden sales of its electric cars by financing consumer purchases through U.S.
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