Tesla Announces Roadster Financing by Bank of America

Qualified Roadster Customers Can Get Lower Total Monthly Cost Than Comparable
Gasoline Sports Cars
SAN CARLOS, Calif.--(Business Wire)--
Tesla Motors announces Roadster financing in the United States by Bank of
America, thus significantly expanding the number of customers who can experience
the all-electric Roadster.

Bank of America financing makes the Tesla Roadster much more affordable. For
example, a customer approved for a 5-year financing term on a base Roadster
could put down as little as $20,000 before taxes and net of the US federal tax
credit. The monthly payment would be approximately $1,700 at a 5 percent annual
percentage rate (APR).

The actual APR of the loan will be dependent on individual customer credit and
history, and neither Bank of America nor Tesla Motors can commit to an APR
without a customer completing the loan application process.

That monthly payment is typical for high performance cars - but Roadster drivers
will enjoy hundreds of dollars per month in savings unavailable to gas guzzlers.
The Roadster, which gets an estimated 244 miles per charge, costs roughly $4 to
refuel and does not require routine oil changes or exhaust system work. Unlike
high-maintenance internal combustion engines, Teslas get a 100 percent waiver on
sales, luxury and use taxes in at least four states, and they qualify for
commuter lane privileges, free parking and free charging in many regions.

"This announcement will help advance EV adoption by allowing more Americans to
experience the joy and convenience of owning a Tesla," said Tesla CEO and
Product Architect Elon Musk. "And like our current customers, our new customers
will never need to visit a gas station again."

Bank of America will directly finance, document and service Tesla vehicle loans
for customers, providing a very easy online interface for these services.
Financing is available for up to 75 percent of the total vehicle purchase price.
All agreements and payments will be between the customer and Bank of America.

Financing is available to customers who meet Bank of America`s underwriting
criteria. Bank of America offers a competitive loan-to-value ratio, annual
percentage rate and term.

Prospective customers may complete documents at Tesla showrooms or online,
including electronic signature and customer verification. Tesla customer service
staff can assist with the application in a showroom or by telephone.

Tesla has delivered more than 500 Roadsters so far. This month Tesla began
delivering the 2010 model-year Roadster and the all-new Roadster Sport, an even
higher-performance EV.

Tesla has showrooms in California and London. On Thursday, Tesla will open a
regional sales and service center in New York. It`s also opening stores in
Chicago, Seattle, Miami, Washington DC, Toronto, Monaco and Munich.

This announcement affects U.S. Roadster customers only. Tesla plans to offer
financing for the Model S sedan closer to the anticipated start of production in
late 2011.

About Tesla

Based in California`s Silicon Valley, Tesla Motors designs and manufactures
electric vehicles with exceptional design, performance and efficiency, while
conforming to all safety, environmental and durability standards. The Roadster,
which has a 0-to-60 mph acceleration of 3.9 seconds and a base price of $101,500
after a $7,500 US federal tax credit, is the only highway-capable production EV
for sale in North America or Europe. Tesla will begin production of the
all-electric Model S family sedan in late 2011. Tesla is taking reservations for
the sedan, which has an anticipated base price of $49,900 after the tax credit.

Tesla Motors
Sales: 650-413-6300
www.teslamotors.com
Media: Rachel Konrad, 415-335-8932
rachel@teslamotors.com

Copyright Business Wire 2009