Tesla Motors (TSLA) Introduces New High Performance Car, Added Safety Features
Shares of Tesla Motors Inc. (TSLA) were off -8.01 or -3.12 percent to $249.00 per share in Friday's premarket. The company unveiled its new vehicle along with added safety features to its Model S during an open to the public event last night in California. Tesla stock closed at $257.01, down -2.27 or -0.88% in Thursday's regular trading session, which saw the market have its worst day this year.
Last week, founder and CEO, Elon Musk said in a Twitter post that it was "About time to unveil a D and something else . The cryptic message came with a graphic image of the lower part of a vehicle and the date of October 9th.
Tesla unveiled their new car at an event featuring car rides on an airport tarmac. The P85D is Tesla's most impressive car so far. "This car is nuts. It's like taking off from a carrier deck. It's just bananas, said Elon Musk, CEO and founder, next door to Space X, his other company's headquarters in Hawthorne, California.
The new P85D will match the Mclaren F1- one of the fastest cars ever built - reaching 60 mph in 3.2 seconds and maxing out at 155 mph versus 130 for its current high performance model, the P85. In addition, Tesla announced that the new Model S will include an array of high tech safety features allowing the car to avoid dangerous situations.
The P85D will have the same exterior as the Model S sedan but will feature a new motor between the front wheels in addition to the motor in the rear. The new motor provides the car with all wheel drive and boosts the vehicle's acceleration and top speed.
Despite the mass of the second motor, Tesla managed to improve the car's efficiency and range, adding 10 miles per charge more than on the current 85D and P85D, which get 275 miles per charge. The range of the 60kWh version of the car shows an increase from 208 miles to 225 miles.
The safety features on the Model S will have the car steer itself back into its lane if the car begins drifting and brake automatically if the car is close to colliding with something. The new system will also move the car over a lane when the driver uses the turn signal, and be equipped with cameras that can spot pedestrians and traffic signs, read speed limit signs and adjust the car's speed.
In addition to the above mentioned features, Tesla is adding a radar system to see through fog and snow, a 360 degree ultrasonic sonar and a software system combining all the data with GPS, navigation and traffic systems in real time.
Tesla stock is trading lower in today's premarket, indicating that investors are lukewarm with the new car and safety features. Nevertheless, Tesla stock is still being recommended by analysts and is more than double its yearly low price of $116 per share.
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