Monday, June 25, 2012

Wells Fargo Now Backing Financing For Tesla’s Model S

Published June 26, 2012

By Philippe Crowe

Tesla Motors and Wells Fargo are now 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.

While the relationship is not exclusive, Wells Fargo is the first financial institution to back financing for the Model S.

Availability of retail financing broadens the customer base for Model S although for now, leasing is reportedly not an option. Customers who qualify for retail financing may also be eligible 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."

Tesla recently announced its Get Amped Model S Tour, and during the next 45 days, Tesla will provide more than 5,000 test drives to Model S Reservation Holders and friends. The tour began in Fremont, California this past weekend, and then moves to Los Angeles this coming weekend. The test drive tour will travel to select North American cities in July and August.

Tesla will be ramping up production throughout 2012 and plans to achieve its target of 5,000 cars by the end of 2012, scaling up to 20,000 cars in 2013. Tesla has already received more than 10,000 reservations worldwide for Model S.


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