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More Affordable Tesla Motors Inc (TSLA) Car: Is It Really Coming?

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Like many car companies, Tesla Motors Inc (NASDAQ:TSLA) is priced entirely too high for the majority of consumers. While there are a lot of people who love the company and what it stands for, they simply cannot afford one of its vehicles at the present time.

The good thing is this: CEO Elon Musk is well aware of this. He knows that a growing number of people want to purchase a Tesla, but are unable to pull the trigger because of the high price tag. He is also aware that many of these same consumers have been waiting for an announcement regarding a cheaper vehicle for quite some time.

Tesla Motors Inc (TSLA)Has the time finally come for Tesla Motors Inc (NASDAQ:TSLA) to offer something more affordable? It appears that the answer is yes.

There is hope that Tesla will launch a smaller, more affordable sedan in late 2016. According to Musk, the vehicle will have a range of a minimum of 200 miles and will be priced at roughly “half” of the current Model S.

Would this be enough to satisfy those who want to purchase a Tesla Motors Inc (NASDAQ:TSLA)? While nobody will know the real answer until the car is actually released to the public, it is safe to say that this is a big change that is sure to excite a lot of people.

Automotive News covered this story in greater detail, touching on what Musk had to say at the company’s annual meeting of shareholders that took place yesterday in Mountain View, California.

Here is just a small portion of what Musk had to say about this potential vehicle:

“A significant improvement in technology is needed to have a compelling affordable electric car. To be compelling, it must have a useful range of 200 miles.”

In other words, Tesla Motors Inc (NASDAQ:TSLA) has a long way to go before it is able to offer this type of electric car. The key word in this quote is “compelling.” Musk is not going to push a cheaper vehicle to market just to do so. Instead, he wants the vehicle to be compelling, which in his mind means having a range of at least 200 miles.

Although 2016 may sound like a long time from now, you can be rest assured that Tesla Motors Inc (NASDAQ:TSLA) is working hard to make the dream of a cheaper electric vehicle a reality.

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