Tesla launched the Roadster in 2009, which was the first production electric vehicle (EV) with performance and range characteristics likely to be acceptable to consumers.
On June 30 2010 the company launched its initial public offering, and the stock quickly rose and then fell to $15 a share, and has since climbed to $21 a share (in about two weeks).
While the Roadster is a niche two-seat sports car, I am excited about the Model S, a high end sedan with a starting price just under $50,000. This vehicle will be accessible to a much larger range of consumers both from a price, seating and popular vehicle attributes standpoint. The first deliveries are expected in 2011 and will be built at the NUMMI factory in Fremont CA.
Many are quick to point out that EVs have a limited range between charges, lack recharge infrastructure and take a long time to charge. Tesla has already proven that today’s battery technology in their designs can deliver a 300 mile range, which is the range of most cars on the road today. Electricity is far more ubiquidous in our society than gasoline stations, so it is possible that with plug-in stations located at home, office and other stopping points, EVs will quickly surpass ICE vehicles in access to recharge. So the only real barrier to EV refueling is the time it takes to achieve a full charge from empty for long non-stop trips, because the majority of trips are <40 miles for Americans and many of those trips are followed by periods of greater than 1 hour when the vehicle is parked within 100 meters of existing electricity distribution infrastructure.
Quick charging technology will further reduce the requirement to recharge frequently to maintain range. Another approach to solving the quick-recharge needs of the electric vehicle is to develop a network of quick exchange battery swap stations that will enable a full charge in just five minutes.
A strong information network will allow driver to identify recharging booths located at many businesses, parking lots, and other places cars frequently park in the community and battery swap stations which would be required to enable long-distance travel corridors with reasonable refuel/recharge delays for EVs. I am not convinced that battery swap stations will be as successful as re-charge stations. I expect that lower rates received from better planning by EV owners will become more implicit and automated for in-town trips. Most EVs will be recharged at home where the volume rates from the home electricity station and ultra low overnight rates will deliver the greatest benefit to early EV owners. Battery swaps will require physical labor (or capital costs for equipment) that may not be well utilized due to the infrequent use by EV owners when away from home, office or other location with recharge capabilities while the car is parked.
Better Place (www.betterplace.com) has received over $200 million in venture capital to develop a network of recharge stations where battery packs will be swapped in under 5 minutes, which is about the same time it takes to refill 12 gallons of gasoline. This network of battery swap locations promises to significantly extend the range of electric vehicles and will also allow EV operators to significantly lower their carbon footprint and depending on the number of users partaking of the battery swap service will maintain similar operating costs to gasoline refueling (charging overnight is significantly lower cost than daytime charging and is the primary method likely to be relied upon by battery charge stations).