It looks like the Big Three are about to have competition from an unlikely source. Tesla Motors CEO and Chief Designer Elon Musk told CBS the car company is looking to have an affordable Tesla on the market soon.
"I think we can produce an affordable long-range compelling electric car in about three to four years". Musk told CBS
Tesla Motors is on a winning streak. The company that nearly went bankrupt in 2008 paid off a Department of Energy loan 10 years early in May. It's hot-selling Model S was named Motor Trend Car of the Year for 2013 and the National Highway Traffic Safety Administration named it one of the safest cars ever made based on crash tests.
Tesla shares have also exploded, trading above 150.00 a share this week, up off a 52-week low of $26.86. The thought among industry analysts and watchers of Musk is that the founder of Paypal.com has quickly made Tesla a very valuable brand franchise in the luxury car category, as well as the growing EV category.
A cheaper Tesla means a bigger piece of the growing electric and hybrid markets. Chevy and Nissan both dropped the price of their electric models and both have experienced a surge in interest. In 2013 electric car sales are up more than 500 percent compared to last year.
Gallery: The Long History Of Electric Cars