Tesla Motors (TSLA) and Wells Fargo (WFC) Announce Retail Financing Relationship
Tesla Motors (NASDAQ: TSLA) and Wells Fargo (NYSE: WFC) are working together to provide competitive retail financing options to Model S reservation holders in the United States, increasing the number of ways a customer can purchase Model S, the world’s first premium electric sedan. While the relationship is not exclusive, Wells Fargo is the first financial institution to back financing for the Model S.
“Affordable financing for electric vehicles is incredibly important as it provides our customers the ability to combine their monthly payment with monthly operating costs and realize the economic benefits of an electric vehicle from day one,” said Elon Musk, Tesla Motors co-founder, CEO and Chief Product Architect. “Because the cost of electricity is significantly less than the cost of gasoline, the value proposition to customers on a purely economic level is going to be much more compelling than an internal-combustion powered vehicle.”
Availability of retail financing broadens the customer base for Model S. The actual rate, term and down payment requirements for any loan will be based on each customer’s credit profile and financing is subject to approval. Model S customers who obtain retail financing may also qualify for state tax credits, rebates, sales tax exemptions, free parking, commuter-lane passes and other perks.
“We’re proud to support the deployment of Model S as part of our efforts to accelerate a transition to a ‘greener’ economy via finance,” said John Adams, Wells Fargo’s executive vice president of Commercial Banking. “Together, through our actions and everyday decisions we can make a difference.”
TSLA recently announced its Get Amped Model S Tour, and during the next 45 days, TSLA will provide more than 5,000 test drives to Model S Reservation Holders and friends. The tour begins in Fremont, California on June 23rd and 24th, and then moves to Los Angeles the following weekend. The test drive tour will travel to select North American cities in July and August.
About Wells Fargo – WFC
Wells Fargo & Company (WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally.
About Tesla – TSLA
Tesla’s (TSLA) goal is to accelerate the world’s transition to electric mobility. Palo Alto, California based Tesla designs and manufactures EVs and EV power train components for partners such as Toyota and Daimler.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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