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Elon Musk Says Compact Electric Car Is 4 Years Away

The car's closest competitor would be the Leaf

 
 
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Tesla has been doing well recently with high stock prices and paid off debt

TeslaTeslaTeslaUnited States of America, 2003 > present4 models
206 photos
has been riding high recently after paying back its US Government loan early, and the company's stock price exceeded $100 per share for the first time in its history this month. Its next car, the Model X crossover, has already been shown and will be on sale at the end of next year. The long-term plan for Tesla has always been to eventually offer an entry-level compact car, and Tesla founder Elon Musk says that car is on track to be revealed in four years.

The Tesla compact will have a range of around 200 miles and sell for around $30,000. The car's closest competitor would be the Nissan LeafLEAFNissan LEAFJapan, 2009 > present29 versions
45 photos
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. Tesla calls it the brand's third-generation car, and he thinks it is realistic because of new technology and economies of scale.

“With the Model SModel STesla Model SUnited States of America, 2012 > present2 photos
, you have a compelling car that’s too expensive for most people. And you have the Leaf, which is cheap, but it’s not great. What the world really needs is a great, affordable electric car. I’m not going to let anything go, no matter what people offer, until I complete that mission," said Musk.

Musk says that he has no intention to leave the company. 

In the near term, Tesla will focus on Model S production. Sales in Europe will begin by the end of the summer, and sales in Asia will begin by the end of the year.

Source: Autocar

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