Unveiled: Tesla Model S

HAWTHORNE, California — Tesla Motors CEO Elon Musk has finally revealed his second model, the four-door Model S sedan, which he said will go into production in California in the third quarter of 2011. The Model S will seat up to seven people, will accelerate from zero to 60 in 5.5 seconds with a top speed of 135 mph, and will have a driving range of up to 300 miles, he said.

"This is a historic car," Musk said at the official unveiling, at his Space-X aerospace venture here. "We're trying to accelerate the EV revolution and help get us off oil."

Tesla announced earlier that the Model S will have a retail price of $57,400. The company said a $7,500 federal tax credit for plug-in hybrids and EVs will bring the effective price down to $49,900.

The company's two-passenger Roadster starts at $109,000 and is built in England by Lotus.

The standard lithium-ion battery pack that comes with the Model S is good for a 160-mile range, the company said. An optional battery pack will extend the range to 300 miles and can be quick-charged in 45 minutes.

The Model S has a surprisingly sleek exterior design. Aluminum body panels will help keep the weight down to around 4,000 pounds.

The high-tech cockpit houses two LCD screens, including a touchscreen panel in the center console. Two rear-facing seats in the cargo area will turn the five-passenger sedan into a seven-seater.

Sport and AWD versions of the Model S are planned. Tesla expects to build about 20,000 units a year when full production is reached after 2012.

Tesla twice has announced, then canceled specific production plans for the Model S. Although the production location remains up in the air, Musk told reporters on Thursday, "I have zero doubt that this car will be manufactured."

Inside Line says: That's still a pretty steep price tag — but the Model S is a mighty attractive vehicle. Will Musk and Tesla be able to deliver on all the promises? — Paul Lienert, Correspondent