Tesla to raise base price on Model S electric car 4.35 pct

Thu Nov 29, 2012 1:44pm EST

Nov 29 (Reuters) - Tesla Motors Inc is raising the base price of its Model S electric sedan 4.35 percent, or $2,500, starting next year.

The electric carmaker said on Thursday that Model S cars that are reserved beginning Jan. 1 will cost $59,900 before the $7,500 federal tax credits, up from $57,400 when the car was introduced in March 2009.

The price increase will not apply to customers who already have a reservation or make one before year end, the company said.

Tesla, backed initially by a group of Silicon Valley venture capital firms, has said it expects the Model S to provide 90 percent of the company's revenue this year. In September, the company cut its 2012 revenue forecast because of a slower-than-expected Model S rollouts, but said it would exceed its 20,000 delivery target for 2013.

Tesla said earlier this month it was on track to reach an annual production rate of 20,000 for the Model S in December. Production of the Model S, Tesla's first mass-produced car, began on June 22, and the company will be making the car with three different battery sizes by the end of the first quarter of 2013.

The next vehicle due from California-based Tesla is the Model X, a mid-size crossover based on the Model S. The company plans to begin building the Model X in late 2013.

A $30,000 compact sport sedan, aimed at competing with the BMW 3 Series, is due in 2015. The company also is considering production of a roadster about the same size as the sedan. Both cars would be based on the Model S platform.