April 2, 2013 / 9:01 PM / in 5 years

Tesla launches financing product for electric sedan

LOS ANGELES, April 2 (Reuters) - Tesla Motors Inc on Tuesday said it was partnering with Wells Fargo & Co and U.S. Bank on a financing product for customers of its Model S electric sedan.

The banks have agreed to provide 10 percent down financing for purchase of a Model S, Tesla said in a statement. The price of a Model S starts at $62,400 after a federal tax credit.

Tesla founder and Chief Executive Elon Musk had been teasing the announcement on Twitter for the last week.

“Am going to put my money where my mouth is in v major way,” he tweeted on March 25.

Tesla said earlier this week that it had its first profitable quarter ever in the first quarter thanks to stronger-than-expected sales of its Model S sedan .

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