Tesla Motors Inc (TSLA) News: Affordable ‘Gen 3’ Models, Elon Musk’s Fortune Increases, Senate Bill 327 & More

Tesla CEO Elon Musk Reveals Targets For Affordable ‘Gen 3’ Models (Motor Authority)
We already know that Tesla Motors Inc (NASDAQ:TSLA)’s next model will be the Model X, a crossover based on the platform underpinning the Model S. The last we heard, the Model X will arrive in late 2014. Beyond this, we should see another sedan and crossover launched, this time based on a third-generation platform, currently referred to as Tesla’s ‘Gen 3’ platform. These two additions will be considerably cheaper than the Model S and Model X, and have been described by Elon Musk as needing to be both compelling and affordable. Speaking with Bloomberg recently, Musk said he’s neither going to leave Tesla Motors Inc (NASDAQ:TSLA) nor see the company acquired until he can deliver cars with those attributes.

Tesla Motors Inc (NASDAQ:TSLA)Elon Musk’s fortune swells by $2.9 billion as Tesla, SolarCity surge (CNNMoney)
Elon Musk is on a roll this year, and he’s got an extra $2.9 billion to show for it. The serial entrepreneur currently heads electric-car maker Tesla Motors Inc (NASDAQ:TSLA) and chairs renewable energy firm SolarCity Corp (NASDAQ:SCTY), which was founded by his cousins, brothers Lyndon and Peter Rive. Tesla shares have soared more than 180% this year, with the firm reporting its first-ever quarterly profit earlier this month. SolarCity Corp (NASDAQ:SCTY) shares debuted on the Nasdaq in December at an IPO price of $8 and are now worth six times that, closing Friday at $48.78. As the largest shareholder in both companies, Musk has richly benefited from their rallies.

Tesla pays back U.S. loan nine years early (Columbus Dispatch)
Tesla Motors Inc (NASDAQ:TSLA), which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early. The Palo Alto, Calif., company said it wired in a $451.8 million payment to the government last week. The money, coupled with two previous payments, paid off a $465 million loan that Tesla got from the Department of Energy in 2010 to foster development of advanced-technology vehicles. Tesla, which sells only the Model S, reported its first quarterly profit this month. Tesla used money from a $968 million stock and note sale that closed on Wednesday to repay the debt.

Tesla Rises Past $100 Level for First Time: Mover (Bloomberg)
Tesla Motors Inc (NASDAQ:TSLA), the electric-car maker led by Elon Musk, rose past a $100-a-share for the first time as it prepares to announce an expansion of its charger network for its vehicles this week. Tesla gained 4.8 percent to $101.75 at 8:45 a.m. New York time, before to the start of regular trading. The shares have almost tripled this year through May 24, compared with a 16 percent increase for the Russell 1000 Index.

Reasons To Keep Tesla In Your Portfolio (Seeking Alpha)
May is proving to be a great month for Tesla Motors Inc (NASDAQ:TSLA), as it enjoyed one piece of good news after another. In late April, the company announced its first-ever profit of $11.2 million for the first quarter of 2013. The release sent stock prices soaring more than 120% from its April 1 closing price of $43.93 to $98 as of May 24. On May 10, Consumer Reports, whose reviews are some of the most closely-watched in the automotive industry, gave Tesla’s Model S a 99% score, calling it the best car they’ve tested since 2007. To cap it all off, on May 14 it was reported that Tesla was worth more than venerable Italian carmaker Fiat.

Tesla vs Dealers: North Carolina bill may ban state Tesla sales (DigitalJournal.com)
Tesla Motors Inc (NASDAQ:TSLA) is fighting a bill backed by North Carolina’s 7,000 auto dealers that would make it illegal for the car manufacturer to sell its award-winning electric cars through its Internet-based model. Senate bill 327, which passed the state Senate in a unanimous vote on May 13, would prevent car manufacturers from “using a computer or other communications facilities, hardware, or equipment” to sell or lease a car to anyone in the state, according to the North Carolina state legislature website. If approved, the bill would render Tesla Motors Inc (NASDAQ:TSLA) unable to legally sell cars in the state, ABC news reported. Since the company bypasses traditional dealerships by selling directly to consumers and allows buyers to place their orders online, it would not meet the state’s definition of a “dealer.”