Automakers Set Sights On Tesla

Investor's Business Daily

BMW unveiled its electric car as more high-end auto brands prepare to go head-to-head with luxury electric car leader Tesla Motors (TSLA).

BMW rolled out the i8, which carries a hefty $135,925 price tag and battery-powered electric motors that boast 362 horsepower, at the two-day Frankfurt Auto Show, which is open to the public until Sept 22.

Volkswagen's (VLKAY) Audi brand showed off its Quattro sport concept vehicle, which isn't for sale yet. Its 700 horsepower hybrid drive can enable it to top out at 190 mph.

Meantime, General Motors (GM) already has an electric Cadillac planned, expected to debut in early 2014, and Mercedes is offering a hybrid version of its S Class.

Tesla, whose stock is on the IBD Leaderboard list of highly rated companies, said it began initial deliveries of Model S cars in Germany and seven other European countries in August.

The company also disclosed plans to build a network of superchargers in Europe, similar to its U.S. stations, capable of half a charge in 20 minutes.

Tesla stock fell 1.3% in Wednesday afternoon trading on the stock market today. GM was down on reports the U.S. and Canadian governments sold shares. Toyota (TM) rose a bit, and Ford Motor (F) fell less than 1%.

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