Shares of Tesla Motors (TSLA) jumped 5.6% yesterday to close at $147.4 after favorable news about its highly anticipated mass market model, along with reports of growth in its supercharger network allowing for coast-to-coast travel.
Details emerged yesterday, of German publication AutoBild’s interview of Tesla’s Head of Design Franz von Holzhausen, who confirmed that the mass market Model E was in advanced stages of development. The car will likely be revealed at the 2015 Detroit Auto Show and will go into production in 2016. It is expected to be half the price of the current Model S and the upcoming Model X crossover vehicle, and will compete with cars like the BMW 3 Series and Mercedes-Benz C-Class and CLA. Both BMW (BAMXY) and Daimler (DDAIY) are working on electric versions of their entry-level models to capitalize on the growth of the battery electric vehicle market.
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